The 43^rd annual G7 summit of seven most economically developed economies in the world has held in Italian Taormina, on May 26-27. It seems that “Building the foundations of renewed trust”, a slogan of the summit did not fulfil all the expectations in practice. Under the Italian presidency, this year`s Summit has brought wider politico-economic agenda in global affairs. There have been several documents published over the global economy, inequalities, foreign policy, trade, food security, Africa issues, climate and energy, innovations, skills and labour and other general global affairs.

Under high level of pressure in global political affairs, in conditions in which the global growth is estimated to have fallen to 2.3 percent in 2016 (the weakest performance since the global financial crisis occurred, in accordance with the World Bank data), this Summit was a great base for further improvement of cooperation talks between the G7 leaders, but for the some reason it did not occur. Why was this Summit complete failure and lack of readiness to establish cooperation that could lead out of status quo in international economy and financial sectors?

In the document “Taormina Leaders’ Communiqué”, nothing concrete was proposed. Beside general and well known empty phrases such as “raising global growth”, “providing the quality of jobs”, “strengthening job creation” and “fostering the development”, the leaders reaffirmed some concrete action: to support their existing G7 exchange rate commitments, as agreed upon by Finance Ministers and Central Bank Governors at their meeting in Bari (beforehand the G7 leaders` Summit).

As usual, several ministerial level meetings were held before the top state chiefs assembled to discuss over the major issues. The central adopted document was devoted to so-called “people centred” action plan on innovations, skills and labour. This document could possibly become a specific moment in creating something which could be called “A post G7 summit economic agenda”. It was composed of three pillars: innovation in production, knowledge-based capital and enabling infrastructure, and the third one was future of work.

As of the first pillar, the leaders have identified three key policy priorities: inclusiveness, openness and security. In order to efficiently fulfil all the pillar activities, the document introduces key priorities – three for the first pillar. Among them the most important one is fostering inclusion of SME in the innovation-driven economy, recognizing their important role in the digital transformation of G7 countries, while paying special attention to start-ups and also promoting an access to the digital world for people and businesses, and advance towards the development and use of Artificial Intelligence, as essential drivers of inclusive economic growth and progress.

For the second pillar, three key policy priorities also have been introduced: human capital formation, science, technology and innovation (STI) financing policies and mechanisms, and global research infrastructures. The most notable key action in this pillar is to reinforce synergies among G7 countries through their participation in Global Research Infrastructures and networks of e-Infrastructures, to reap the benefits of Open Science. As claimed in the document, the G7 leaders will give their efforts to “encourage policies that will enable people, businesses and researchers to access such infrastructure, providing them thus with access to new innovations that can create opportunities in all fields”.

The third pillar has only two key priorities: dialogue and inclusiveness. Designing of sound policies related to the future of work for inclusive and sustainable innovation-driven growth is one of the main key priorities for this pillar.

It was expected for the G7 leaders to introduce an almost well-known economic agenda for the next period. As it could be seen from the Action Plan document most of economic activities are supposed to be transferred into a cyber space area as most of services provided by the economically developed states are getting their digital shape. The political aspect of economic cooperation between the seven giants will highly deploy global trade and financial affairs. But in case of their disagreements, it will be highly likely to achieve a global failure.