New Delhi, June 16 -- The Group of Seven (G7) nations have called for a fundamental restructuring of the international development cooperation system, advocating a shift from traditional aid-based models to "mutually beneficial partnerships" that prioritise economic sovereignty, domestic resource mobilisation and greater private sector participation. In a joint declaration adopted at the G7 Summit, the leaders - joined by Kenya and the Republic of Korea - said the existing development architecture has delivered mixed results and now requires major reforms to address debt pressures, financing gaps and evolving global challenges.

The declaration reaffirmed commitment to international development cooperation while stressing that future stra...