The world's attention is focused on Okinawa, as heads of the eight leading industrialized nations kick off their 26th annual summit. Japan, the chair of this year's meeting, has invested heavily in the get-together. The 81 billion yen that the government has spent on the summit indicates the significance Tokyo attaches to the meeting. The challenge is seeing that the money is well spent. But the success of the summit does not depend on what transpires between Friday and Sunday. It depends on what happens after the heads of state go home.
In other words, the G8 meeting has to produce results. Some have expressed concern at the anodyne themes of this year's get-together: "global peace," "further prosperity" and "peaceful state of mind." Others point to the lengthy agenda and worry that by including almost everything, it ensures progress in almost nothing. Focus and follow-through are essential if this year's summit is to meet the world's weighty expectations.
As always, economics is the first priority. The heads of state will focus on two sets of issues. The first are items within their sphere of influence, such as Japan's need to promote a sustainable recovery. The second involves issues that the Group of Eight has a stake in, but that involve other nations as well. For example, the participants reportedly will call for the early launch of a new round of world trade talks, but intense coordination with other governments will be required.