G7 leaders to focus on war in Ukraine and China at summit in Italy
Kyiv • UNN
G7 leaders gather for their annual summit in Italy, seeking to double down on support for Ukraine with a $50 billion loan package using frozen Russian assets, confront China's economic ambitions, and discuss issues such as artificial intelligence, while also facing domestic challenges.
Leaders of the Group of Seven (G7) begin their annual summit on Thursday, seeking to double their support for Ukraine in its war with Russia and stand united in opposing China's political and economic ambitions, UNN reports citing Reuters.
Details
With the Middle East, migration, and artificial intelligence (AI) also on the packed agenda, the June 13-15 summit in southern Italy would be a tough test for leaders at the best of times, but most are overwhelmed by their own domestic problems, the publication notes.
US President Joe Biden, who faces a tough re-election bid in November, arrived in Italy the day after his son Hunter Biden was convicted of lying about drug use to illegally buy weapons, the newspaper writes.
British Prime Minister Rishi Sunaku seems destined to lose power in the July 4 election, the leaders of France and Germany are suffering political defeats, and opinion polls are disappointing for the prime ministers of Canada and Japan, the publication notes.
Only the host, Italian Prime Minister Giorgio Meloni, is at the peak of his popularity after winning the European elections in Italy last weekend, but, the publication writes, "achieving significant results at the luxurious Borgo Egnazia resort hotel will be no easy task.
"Determined to make their initiative known, the Group of Seven leaders are likely to announce that they have agreed on plans to provide Ukraine with $50 billion in loans, using interest from frozen Russian assets to support a multi-year debt package," the newspaper notes.
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However, as indicated, "officials acknowledge that the plan is complex, meaning that any agreement will be in principle only, and legal experts will still have to work out the details, which will require the support of European countries, especially Belgium, which is not a member of the G7.
For the second year in a row, Ukrainian President Volodymyr Zelenskyy is reported to attend the summit and is expected to sign a new long-term security agreement with Biden.
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"By signing this agreement, we will also send a signal to Russia of our resolve. If (Russian President) Vladimir Putin thinks he can survive a coalition that supports Ukraine, he is mistaken," White House National Security Advisor Jake Sullivan told reporters.
Emphasizing the United States' determination to punish Moscow for its invasion of Ukraine in 2022, Washington on Wednesday sharply expanded sanctions against Moscow, including striking Chinese companies that sell semiconductors to Moscow.
"By announcing the new restrictions on Chinese firms on the eve of the G7 meeting, Biden undoubtedly hopes to persuade Western allies to show greater resolve in confronting Beijing over its support for Russia and its excessive industrial capacity," the newspaper writes.
The European Commission told automakers on Wednesday that it will impose additional duties of up to 38.1% on imported Chinese electric vehicles starting in July, less than a month after Washington quadrupled duties on Chinese electric vehicles to 100%.
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While the G7 leaders are expected to express concern over China's high level of production, which they say is disrupting global supply chains and market stability, EU diplomats warn that Europe is keen to avoid a full-blown trade war with Beijing.
"In an effort to avoid appearing like an elitist fortress," as the publication notes, the G7 has opened its doors to a large number of outsiders this year, including Pope Francis, who is expected to deliver a keynote speech on Friday about the risks and potential of AI.
Among those who have also been invited to Puglia are the leaders of some of the world's largest regional powers, such as India, Brazil, Argentina, Turkey, Algeria, and Kenya.
Although the summit will run through Saturday, many G7 leaders are scheduled to leave on Friday night, including Biden, meaning the final day is reserved for bilateral meetings for those who remain and Maloney's final press conference.
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