The Group of Seven (G7) leaders are set to wrap up their annual summit on Friday, with discussions heavily centered on China before a historic appearance by Pope Francis to deliberate on artificial intelligence (AI). The inclusion of the Pope, alongside 10 other heads of state and government, including India’s Prime Minister and Jordan’s King, underscores the G7’s efforts to dispel its image as an exclusive, detached entity.
On the summit’s first day in southern Italy, the G7 nations reached a significant agreement to provide $50 billion in loans to Ukraine, leveraging interest from frozen Russian assets. This move, praised as a demonstration of Western determination, aims to bolster Ukraine amidst its ongoing conflict with Russia. “This is a very historic step we’re taking today,” stated German Chancellor Olaf Scholz. He added, “It is also a clear signal to the Russian President (Vladimir Putin), that he can’t just sit this out and hope that fiscal problems in a country that backs Ukraine will one day let him win this war.”
The G7 members—the United States, Canada, Japan, Germany, France, Italy, and Britain—along with the European Union, are expected to contribute to the loan, with funds anticipated to reach Kyiv by the year’s end.
While Ukraine dominated the initial talks, the agenda on Friday is expected to shift to China. The leaders are anticipated to express concerns over China’s excess industrial capacity and its support for Russia. The U.S. recently imposed fresh sanctions on China-based firms supplying semiconductors to Russia, reflecting worries over Beijing’s aggressive stance against Taiwan and maritime disputes with the Philippines. “China is not supplying weapons (to Russia) but the ability to produce those weapons and the technology available to do it, so it is in fact helping Russia,” U.S. President Joe Biden told reporters after signing a bilateral security pact with Ukrainian President Volodymyr Zelenskiy.
The European Union’s announcement of additional duties on Chinese electric cars, set to take effect in July, marks a significant escalation in trade tensions. Despite this, differences remain within the G7 on countering Chinese state subsidies, with Europe cautious about provoking a full-scale trade war.
Pope Francis’ participation is expected to mark a historic moment, being the first pontiff to attend a G7 summit. “It is a historic day. We will welcome the Holy Father. It is the first time for a pontiff at a G7. I am proud it will happen under the Italian presidency,” Italian Prime Minister Giorgia Meloni remarked. Besides his address on AI, the Pope will engage in multiple bilateral meetings, including with Biden, Zelenskiy, and Turkish President Tayyip Erdogan.
Leaders will also discuss immigration, a pivotal issue for Meloni, who is urging Europe to assist in curbing illegal migration from Africa and has launched a plan to enhance development on the continent to address the root causes.
Most leaders are expected to depart Italy late on Friday, with Meloni confirming that summit conclusions have already been agreed upon and will be ratified by day’s end. Saturday will be reserved for bilateral meetings and a final press conference by Meloni.
As the G7 summit nears its conclusion, the world watches closely to see how these discussions and agreements will influence global politics and economic strategies moving forward.
Source: Reuters
