EVIAN-LES-BAINS, France, June 16 (ANI): Discussions surrounding the newly announced Iran–United States peace agreement dominated conversations among world leaders during the opening day of the 52nd G7 Summit in Evian, France, while the group also unveiled an ambitious agenda to reform global development financing and promote greater private-sector investment in emerging economies.
Hosted by French President Emmanuel Macron, the summit brought together leaders of the world’s major industrialized democracies for a series of high-level meetings focused on geopolitical stability, economic cooperation, and international development.
Iran Peace Deal Takes Center Stage
According to reports, G7 leaders engaged in a nearly two-hour dinner discussion overlooking the southern shoreline of Lake Geneva, where the recently concluded Iran–US peace agreement became the primary topic of conversation.
The agreement, announced by US President Donald Trump on Sunday, is intended to end months of hostilities in West Asia and reopen the strategically vital Strait of Hormuz, through which a significant portion of the world’s oil shipments pass.
Sources familiar with the discussions described the exchange among leaders as “frank” and detailed. In addition to the Iran deal, leaders also discussed the ongoing conflict in Ukraine and broader international security concerns.
While welcoming the breakthrough, several European leaders reportedly expressed concerns over the implementation details of the agreement, particularly regarding the timeline for fully restoring commercial shipping through the Strait of Hormuz. Questions remain because the full text of the agreement has not yet been publicly released.
Ahead of the summit, US officials indicated that European nations may be asked to assist in mine-clearing operations in the Strait following the cessation of hostilities.
Speaking during a bilateral meeting with French President Emmanuel Macron on the sidelines of the summit, President Trump expressed confidence that the agreement would deliver lasting stability to the region.
“I am very happy to say the deal’s all signed and the strait is already partially opened,” Trump said. “Ships are starting to move again, and by Friday it will be completely opened.”
Trump added that mine-removal operations were progressing and that relations with Iran had improved significantly during negotiations.
In a statement posted on Truth Social, Trump described the accord as a “Great Deal” that would bring “Peace and Security” to the region. He emphasized that the reopening of the Strait of Hormuz would restore the uninterrupted flow of oil and commerce, benefiting both the Middle East and the global economy.
G7 Calls for Reform of Global Development Finance
Alongside discussions on international security, G7 leaders adopted a major declaration calling for a comprehensive overhaul of the global development cooperation and financing architecture.
The declaration, supported by Kenya and the Republic of Korea, emphasized the need for development partnerships that reduce dependency on foreign aid, strengthen economic sovereignty, and mobilize larger volumes of private capital for sustainable growth.
The leaders acknowledged that while traditional development assistance has produced important gains, it has often failed to create sufficient incentives for self-sustaining economic development and country-led growth.
“We are united in reforming the development cooperation system and shaping mutually beneficial partnerships that take into account our strategic interests and those of our partners,” the declaration stated.
A key focus of the reform agenda is helping developing countries increase domestic revenue generation through stronger tax administration, improved financial governance, and greater access to investment capital.
Addressing Debt and Investment Challenges
The G7 also highlighted the growing debt burden facing many developing economies and called for further progress within the G20 framework on debt restructuring initiatives, particularly for vulnerable middle-income nations.
Leaders urged greater transparency in sovereign lending practices and encouraged all G20 creditors to participate in World Bank-led debt data-sharing efforts.
To unlock investment, the G7 pledged to expand the use of guarantees, blended finance mechanisms, co-financing arrangements, and other risk-sharing tools designed to attract private-sector participation in development projects.
Development Finance Institutions and Multilateral Development Banks will work more closely to improve the investment attractiveness of infrastructure, energy, and economic development projects across emerging markets.
Focus on Infrastructure and Critical Minerals
The declaration also emphasized resilient supply chains, infrastructure connectivity, and critical mineral development as strategic priorities.
Leaders reaffirmed support for initiatives such as the G7 Partnership for Global Infrastructure and Investment (PGII), which seeks to mobilize large-scale investments in transportation, energy, digital infrastructure, and critical mineral supply chains.
The G7 stressed that cooperation in critical minerals should be guided by transparency, high environmental and governance standards, and local value creation to ensure benefits are shared with partner nations.
Commitment to Vulnerable Nations
The summit declaration pledged continued concessional financing for least-developed and vulnerable countries, especially those facing conflict, economic shocks, or limited access to international capital markets.
Health care, education, nutrition, food security, and resilient agricultural systems were identified as priority sectors for future investment.
Rather than creating new international institutions, the G7 committed to strengthening existing development financing mechanisms and advancing reforms that improve the effectiveness of Multilateral Development Banks.
Leaders concluded that achieving these goals would require broader cooperation among governments, emerging donor nations, private investors, philanthropic organizations, and civil society groups.
As geopolitical tensions and economic challenges continue to reshape the international landscape, the Evian Summit highlighted the G7’s dual focus on promoting global stability through diplomacy while advancing a new framework for sustainable and inclusive economic development.
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