France is set to host the leaders of India, South Korea, Brazil, and Kenya at the G7 summit in Evian-les-Bains this June, a move Paris says is aimed at expanding support for its efforts to address and rebalance global economic inequalities.
At the core of France's push is a drive to prevent a "massive financial crisis" by urging China - which will be notable by its absence - to boost domestic demand and reduce its destabilising exports, and by calling on the U.S. to curb its deficits and on Europe to produce more and save less.
However, these long-term goals could be eclipsed by immediate challenges, as the summit takes place amid an energy shock triggered by the U.S.-Israel war on Iran, while questions over the G7’s relevance continue to grow.
"We don't know where the Iran crisis will be by June," an adviser to President Emmanuel Macron said. "However it evolves, we will have to address its energy and economic consequences."
China will not attend the summit on June 15-17 and continues to question the legitimacy of the G7 as a "club of rich countries", French officials said.
France, which had tried to invite Beijing according to diplomatic sources, will "engage" China through separate channels, an official said, adding that it was also in China's interest to avoid a confrontation.
"The risk for China is to see global markets, and European markets, closing off to it," the official said.
According to the official, the country has invited democracies and market economies that maintain and follow the rules of international cooperation.
Uncertainty is further compounded by questions over U.S. President Donald Trump’s participation, as his aggressive tariff tactics have unsettled both allies and adversaries, along with global markets
"I won't make any predictions, but if Trump doesn't come, it also makes sense - it's a new international reality and we need to organise ourselves accordingly," the official said.