- The Group of Seven major democracies begins its annual summit on June 13, 2024.
- Diplomats said a plan to issue $50 billion in loans to Ukraine using interest from Russian sovereign assets had been agreed in principle.
- Pope Francis will deliver a keynote address on artificial intelligence on the second day of the conference.
Leaders of the Group of Seven major democracies begin their annual summit on Thursday. Many of these countries are skeptical domestically but determined to make a difference on the world stage as they seek to help Ukraine and counter China’s economic ambitions.
Ahead of two days of talks, diplomats said a plan to provide a $50 billion loan to Ukraine had been agreed in principle. Interest from Russian sovereign assets The treaty has been put on hold after Moscow launched an invasion of its neighbour in 2022.
Diplomats said Western nations were also united in their concern about China’s industrial overcapacity, which they say is distorting global markets, and were determined to help African nations develop their economies.
Russia threatens to seize US assets in response to possible seizure of currency reserves
“There is still a lot of work to be done, but I am confident that in these two days we will be able to have discussions that will lead to concrete and measurable results,” Italian Prime Minister Giorgia Meloni told her G-7 guests during talks at a luxury hotel resort in the southern region of Puglia.
While Meloni is flying high after winning European elections over the weekend, the leaders of the other six countries — the United States, Japan, France, Germany, Britain and Canada — face major domestic problems that threaten to undermine their authority.
US President Joe Biden faces an uphill battle to win re-election in November, British Prime Minister Rishi Sunak looks certain to lose power in a national vote next month and French President Emmanuel Macron dissolved his country’s parliament He took this step after his party’s defeat in the EU elections on Sunday.
(L-R) European Council President Charles Michel, Chancellor Olaf Scholz of Germany, Prime Minister Justin Trudeau of Canada, President Emmanuel Macron of France, Prime Minister Giorgia Meloni of Italy, US President Joe Biden, Prime Minister Fumio Kishida of Japan, Prime Minister Rishi Sunak of Britain and European Commission President Ursula von der Leyen pose for a photo on the first day of the G-7 summit at the Borgo Egnazia resort in Savelletri, Italy, June 13, 2024. (Reuters/Guglielmo Mangiapane)
Meloni was greeted with cheers and smiles by all as he appeared under the blazing sun at the entrance of the Borgo Egnazia resort, where he will spend the next two days in sessions that will later be opened to fellow leaders. Including Pope Francis,
For the second year in a row, Ukrainian President Volodymyr Zelensky will attend the summit, taking part in talks on Thursday afternoon after which he will sign a new, long-term security agreement with US President Joe Biden.
G-7 leaders will almost certainly also announce they have agreed on a framework for a multi-year loan using profits from seized Russian funds, which legal experts will finalise by the end of the year with the aim of raising cash.
White House national security adviser Jake Sullivan said of the talks, “I think we’ll be deciding on the main points of it, but some of the specific aspects remain to be worked out by experts on a certain timetable.”
A senior EU official confirmed that a framework agreement had been reached.
“I think it has been done,” the official said. “It should be fine. I don’t expect the leaders to say anything…(against it).”
One person close to the talks said the agreement is aimed at ensuring the pact can last for years regardless of who is in power in each G-7 state – reflecting concerns that U.S. Republican presidential candidate Donald Trump could be less favorable to Kyiv if he defeats Biden in November.
Busy agenda for G7 summit
Sullivan was asked if this is the president’s last summit as the upcoming election battle looms, saying it’s likely Biden’s goal at the G-7 is to reinforce the idea that it is best for the United States to remain closely aligned with its Democratic allies.
Underscoring the US determination to punish Moscow for its invasion of Ukraine, Washington on Wednesday dramatically increased sanctions on Moscow, including targeting China-based companies that sell semiconductors to Moscow.
By announcing new sanctions on Chinese firms on the eve of the G-7 meeting, Biden was undoubtedly hoping to convince Western allies to show greater resolve in supporting Russia and confronting Beijing over its industrial overcapacity.
Speaking before the start of the summit, Sullivan said China is a key lender to many heavily indebted countries.
“The G7 communiqué is not focused on any one country,” he said, but added that China needs to play a constructive role in tackling the debt burden.
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In order not to look like an elitist fortress, the G-7 has opened its doors this year to a large number of outsiders, including the pope, a hard-line groupie. expected to deliver a keynote address On Friday, there was a discussion on the risks and potential of Artificial Intelligence.
Those invited to Puglia include leaders from some of the world’s biggest regional powers, such as India, Brazil, Argentina, Turkey, Algeria and Kenya.
Though the summit is scheduled to run until Saturday, several G-7 leaders will leave on Friday night, including Biden, meaning the final day is scheduled for bilateral meetings for them and a closing news conference from Meloni.
