Nobody Asked Nairobi

GrantG7 is live in Evian right now, leaders in the room, and the opening act was anything but routine.

MilesTrump lands in France having just announced a deal to end the Iran war and reopen the Strait of Hormuz. That's the backdrop for everything happening at this summit.

GrantAnd the MOU formal signing is set for June 19 in Switzerland,

MilesHmm.

Grantso the ink isn't even dry yet.

MilesMeanwhile the summit itself is carrying some serious structural weight; no joint communiqué expected, a July twenty four tariff cliff, and the G7 bending itself around Trump in ways it hasn't before.

GrantThat's where we start-the framing gap between what Western outlets are calling a unity summit and what actually happened at the table.

MilesWe also get into the Global South angle. France invited Brazil, India, Kenya and South Korea partly as legitimacy cover. Those leaders showed up with their own agendas.

GrantBrazil and India signed a bilateral critical minerals deal before either one flew to France. That's the story the G7 press releases won't lead with.

MilesAnd we close on the hard deadlines – the Iran MOU, the tariff cliff, whether DRC and Kenya hold out for real processing terms on minerals. or sign quickly under fiscal pressure.

GrantTechTimes reported China's rare earth export curbs have cost each affected economy an estimated one point five trillion dollars. The G7 needs an answer to that, and we'll look at what's on offer at Évian is a real alternative or a rebranded extraction deal.

MilesThe math on that either works or it doesn't. First up, Évian, Trump and the Western media frame that's already getting ahead of the evidence.

GrantTwo consecutive G7 summits without a joint communiqué. That's not a bad week, that's a structural problem.

MilesNippon.com reported it plainly: Évian ends June 17 with area-specific outcome documents on trade imbalances and critical minerals, but no unified declaration, same as Kananaskis in 2025.

GrantAnd the math on what that means is pretty straightforward. The communiqué isn't symbolic paperwork. It's the only instrument that's politically binding on all seven members. No document, no commitment.

MilesNewsweek's framing on this was sharp. They wrote that

GrantSo France invited Brazil, India, Kenya, South Korea. The guest list looks diverse, but Newsweek framed it pretty sharply. Kenya helps the G7 speak to Africa without sounding like a creditors meeting. That's not the same as having a seat at the table.

MilesAnd the structure confirmed it. The consequential decision stayed inside the G7 core. Modi pushed energy security and semiconductor partnership. ownerships. Ruto represented African credibility, but none of them had a vote

GrantRight.

Mileson the documents that actually mattered or didn't exist.

GrantWhich raises the obvious question: if you're invited as legitimacy cover, is that purely a loss? Because Lula and Modi didn't wait for Evian to do business with each other.

MilesRight, back in February, Modi and Lula signed a bilateral critical minerals and rare earths deal, and New Delhi weeks before For either one flew to France. Gulf News reported Brazil holds the world's second-largest reserves of critical minerals, after China. India needs supply chain alternatives. They cut that deal on their own terms.

GrantThat's the part the G7 framing misses. The invited nations aren't passive props. Brazil signed, India diversified, and they both arrive at Evian with their own agenda already locked in. The bilateral trade target they set, 20 billion dollars within five years.

MilesAnd WION News made a point worth sitting with, the G7 still holds roughly 30% of global GDP on a purchasing power basis, while the Global South accounts for about 58%. That gap is exactly why the invitation politics matter. Ignore it and the G7 loses narrative credibility. Manage it and you at least stay in the room.

GrantManaging it doesn't mean resolving it, though. Being invited is not the same as shaping the outcome.

MilesNo, it isn't, and what these countries actually got in exchange for showing up, that's where the minerals agenda gets very specific. The question isn't whether the G7 wants alternative supply chains, it's what they're offering the countries that hold the reserves.

GrantSo the countries at Evian aren't just guests, they hold the cards. The DRC sits on more than 70% of global cobalt reserves. Brazil and Kenya have rare earths the G7 needs urgently.

MilesAnd the G7 knows it. The IEA tracks this closely. China is the leading refiner for 19 of 20 strategic minerals it monitors, with an average market share around 70%. Graphite and rare earths are both above 90%.

Speaker 3percent.

GrantSo you mine it anywhere you want; if it goes through a Chinese refinery you haven't actually solved the problem—that's the structural trap the G7 is trying to get out of.

MilesWhich is why the processing question matters so much: are these new deals offering refining capacity, the actual value added work, or just preferential access to the raw ore?

GrantThe math is brutal: a ton of cobalt ore versus a ton of battery grade cobalt sulfate. Completely different value propositions. Countries that only export ore are leaving most of the money on the table.

MilesThe U.S. signed MOUs with Guinea and Morocco back in February at the critical minerals ministerial. The Australia deal came with an eight point five billion dollar project pipeline. Guinea and Morocco got frameworks. Those are not the same thing.

GrantFrameworks are promissory notes, and I've seen enough of those in finance to know they don't guarantee

Speaker 4anything.

GrantGuaranteed Delivery.--The question is whether processing infrastructure is actually on the table or if this is extraction rebranded as partnership.

MilesGeneva Solutions quoted an analyst making the point that when China, the U.S. and Europe all compete for the same reserves, host countries gain real leverage. And that's true up to a point.

GrantUp to a point; because leverage only converts into better terms if you have the legal capacity and the technical expertise to actually negotiate the contract; the DRC has cobalt, but it's also got active conflict in the East and serious governance gaps.

MilesI'd push back slightly. Kenya and Morocco specifically are in stronger positions than the DRC. Morocco has far

Speaker 4less conflict than the DRC.

GrantWith phosphate leverage and an existing industrial base, Kenya has been actively courting multiple bidders; these aren't passive recipients.

MilesFair. It's not uniform across Africa, and that's the point the G7's blanket, economic corridors framing from the April Development Ministers meeting tends to flatten: the detail varies enormously by country.

Speaker 3Jack paused.

GrantCorridors are infrastructure, they're not refineries, they're not training programs, they're not tech Not technology transfer, which sets up exactly what's coming. Because while the G7 was signing minerals frameworks with one hand, global aid spending dropped nearly a quarter last year.

MilesSame governments, different ledgers. That tension is the next thread to pull. Same government signing those minerals MOUs. Geneva Solutions reported global aid spending fell nearly a quarter last year. US, Germany, France, UK, Japan, ninety six per cent of that drop.

GrantOxfam put a number on it: forty eight billion dollars cut between two thousand twenty four and two thousand twenty five, largest ODA reduction in G7 history.

MilesAnd the summit produced what, exactly, on restoring any of that?

GrantNothing binding. The communique language talks about health sovereignty financing and self reliance, which is diplomatic for build your own system because we're done funding it.

MilesI keep coming back to the substitution argument. The G7's answer is private capital mobilization-guarantees, debt swaps, economic corridors. The pitch is that private money fills the gap.

GrantFrom Lagos, that pitch lands differently. A debt swap still leaves a liability on your balance sheet; an economic corridor is infrastructure, it's not a vaccine supply chain or a functioning primary school.

MilesRight; and the math on private capital mobilization has never actually closed: you need the grant element to de risk the investment enough to attract private money in the first place; pull the grant, the whole structure falls.

GrantGeneva solutions flagged this directly: World Bank and regional development banks are the ones actually moving the capital, not the bilateral donors making the speeches at Elyse.

MilesBrazil's Lula showed up at Elyse making exactly this argument: private investment cannot fully substitute for ODA. That's not a fringe position; it's the stated position of the countries being told to be self-reliant.

GrantAnd the April Finance Ministers communique, the Elysee published it, calls for health sovereignty financing. Sounds ambitious until you read it as countries losing but one predictable financial input they had.

MilesPredictable is the word-health budgets, school programs-they're planned years out. You can't replace a five year bilateral grant with a corridor project on short notice.

GrantThe framing from Evian is that this is modernization. The view from Nairobi is that it's a liability transfer dressed up as partnership.

MilesAnd that same logic-you'll see it again in the next agenda item. The digital economy push runs on the same rails. Same logic, different sector. The G7's digital economy agenda at Evian carries the same substitution pattern we just described in development finance.

GrantTechPolicy.Press put it plainly, the U.S. arrived pushing what it calls the American AI technology stack. Export U.S. hardware and software to the global majority backed by Commerce Department financing.

MilesWhich is a geopolitical sales pitch dressed as governance.

GrantThat's the problem. CIGI analysts warned at Evian that fragmentation into rival tech blocks raises costs, slows innovation, and hits developing economies hardest. But for India or Kenya, the warning misses the point.

MilesRight. Both blocks are managed by someone else. Both come with terms. terms. Whether you're running Chinese cloud or American cloud, you're not setting the standards.

GrantAnd India has the strongest rebuttal of anyone in that room: Wionews reported Modi came in flacking India's digital public infrastructure record, payments, identity systems, e-governance as a genuine model, not aspirational, operational.

MilesSo the question isn't whether India can build, the question is whether G7 AI governance frameworks are written to include To include them as rule setters or just as users of someone else's stack?

GrantModi put it directly: "A.I. must be shared widely, not a system where humans become raw material in someone else's race to the top.

MilesThat's not a soft talking point; that's a structural objection to how A.I. standards get written, and the U.S. opposition to multilateral governance agreements, TechPolicyPress reported that's explicit, means those standards drift toward whoever controls the infrastructure.

GrantCIGI flagged the same thing: a central test at Evian: can G7 countries reduce dependence on US-based AI and cloud infrastructure with without fragmenting the digital economy.

MilesThose two goals are in direct tension. The math on that is familiar: you can't replace a structural dependency by picking a different dependency; you solve it by building the capacity to set terms.

GrantWhich India is closer to than any other guest invited, but closer is not the same as inside the room when the frameworks get drafted.

MilesAnd that unresolved question: Who actually writes the rules? It doesn't stay abstract for long. There are specific deadlines, specific deals, and specific governments that will answer it one way or another in the next six months.

GrantThat's exactly what we need to flag before we wrap this episode.

MilesThree days from now, June nineteenth in Switzerland, the U.S.-Iran M.O.U. gets signed. That's the single most important deadline coming out of this summit.

GrantAnd the math is brutal for anyone importing dollar-priced oil. According to TechTimes, the Strait of Hormuz carries roughly 20% of global petroleum liquids. South Asia, East Africa—they've been absorbing every day that Strait stays disrupted.

MilesThe signing is the start, not the finish. Iran's already saying there may be service charges on vessels transiting the Strait. There's also a 60-day nuclear negotiation window that opens after it's signed. A lot can go wrong inside that window.

GrantIsrael's defense minister hasn't agreed to pull back from Lebanon either, so the framework lands Friday and the stress testing starts Saturday.

MilesOn the mineral side, and I've been tracking this since we covered the refining gap, watch the DRC and Kenya specifically. The G7 outcome documents are a starting point for bilateral talks, not a settlement.

GrantThe DRC imposed a cobalt export ban in early 2025, lifted it, but kept a quota. They know what leverage looks like. The question is whether physical pressure for forces a quick sign or whether Kinshasa holds out for actual processing commitments.

MilesKenya is in a similar spot: gold reserves valued above five billion dollars, active bids on the table.

Speaker 3Mm hmm.

MilesThey have options; whether they use them or take the first check is the real story.

GrantIn sitting above it all the US takes the G7 chair in twenty twenty seven. Any framework agreed at Évian gets handed to an administration that's already walked away from consensus documents.

MilesThat's the exposure. Countries that signed on assuming continuity. They are the ones repricing their assumptions right now.

GrantSo the two things I'm watching in the next sixty days are whether that Iran MOU holds past the signing ceremony, and which African government blinks first on processing terms.

MilesFor me it's the July twenty fourth tariff cliff, the Section 122 universal import tariff expires that day. What Congress does or doesn't do rewrites the trade math

GrantRight.

Milesfor every bilateral deal negotiated at Évian.

GrantSpecific question with a specific deadline. That's the frame.

MilesWatch the dates, not the communiqués. That's a wrap on Avion. The through line for me? When Newsweek wrote that in 2026 the G7 is bending itself around Trump, that's not just optics, it shapes every outcome on this list.

GrantAnd the Global South angle made it concrete: Brazil and India signed their critical minerals deal in New Delhi before either leader

MilesRight.

Grantflew to France. The G7 framework was almost beside the point.

MilesThat's the story nobody's watching closely enough: the real negotiation is happening outside the room.

GrantThree days to keep on your radar: the U.S.-Iran MOU signs June nineteenth, the Section 122 tariff cliff hits July twenty fourth, and the U.S. takes the G7 chair in twenty twenty seven. Each one changes the calculus.

MilesThanks for listening, everyone. If this gave you a sharper read on what Evian actually was, share it with someone still getting their world news from one time zone.

GrantSubscribe wherever you listen. We'll be back next week. I'm Miles.

MilesAnd I'm Grant. Stay curious.