On May 20, leaders of the Group of Seven (G7) industrialized nations issued a joint statement at the Hiroshima Summit, Japan, leaving the door open for cooperation with China and avoiding escalating tensions between the world's second largest economy and the group of Western powers and Japan.
In a joint statement, the G7 leaders stressed their desire for “stable and constructive relations” with Beijing, and opposed “militarization activities” in the Asia- Pacific region. The G7 leaders’ statement said: “Our policy approach does not aim to harm China, nor does it seek to impede China’s economic progress and development.”
The statement also affirmed the G7 countries' determination to reduce dependence on China for sensitive supply chains, emphasizing that "Economic resilience requires de-risking and diversification", and committed to "reducing excessive dependence on critical supply chains".
The G7 also called on China to make efforts to participate in resolving the conflict in Ukraine.
Regarding artificial intelligence (AI), G7 leaders called for the development and adoption of international technical standards for trustworthy AI, as G7 lawmakers focus on this new technology.
The G7 leaders said that while approaches to achieving the shared vision and goals of trustworthy AI may differ, governance of the digital economy needs to continue to be updated in line with the group's shared values. The statement specifically mentioned generative AI, with the G7 leaders affirming that "the opportunities and challenges posed by generative AI need to be immediately assessed."
On the issue of gas, the joint statement said, G7 leaders believe that state-supported investment in the gas sector may be appropriate temporarily while countries accelerate the phase-out of dependence on Russia.
"We underline the important role of increasing the supply of liquefied natural gas (LNG) and acknowledge that investment in this sector may be appropriate to cope with the current crisis and address the gas market shortages caused by the crisis," the joint statement said.
G7 leaders reaffirmed their commitment to decarbonisation by 2030 and their commitment to achieving net zero emissions by 2050. The statement highlighted various actions countries are taking, including policies to achieve 100% or more zero-emission vehicle sales by 2035 and beyond. Policies include actions to achieve 100% electric vehicle sales by 2035 and to promote sustainable carbon-neutral fuels and infrastructure, including biofuels and synthetics.
“We recognise the opportunities these policies provide to contribute to the decarbonisation of roads, with a target of 50% of vehicles sold globally being zero-emission by 2030,” the joint statement said.
Regarding food security, the G7 Summit's joint statement said that the leaders called on all parties to the Black Sea Grains Initiative to "continue and fully implement the smooth operation of the agreement to the maximum extent possible and for as long as necessary." The G7 leaders stressed the importance of creating conditions for continued grain deliveries to those who need it most.
G7 leaders also confirmed they would increase energy and development support for emerging and developing countries; agreed to take steps to protect food security threatened by the conflict in Ukraine.
In addition, the joint statement also stressed the importance of strengthening supply chains for critical industrial materials, such as semiconductors, and taking necessary measures to counter unilateral trade restrictions. G7 leaders called on all countries to adhere to the principles of "transparency, diversification, security, sustainability, credibility and trust" in building supply chain networks.
G7 leaders also agreed to establish a new initiative to counter economic coercion and committed to taking steps to ensure that any actor seeking to weaponize economic dependence fails and faces consequences.
The initiative, called the "Coordination Platform on Economic Coercion," will use early warning and rapid information sharing on economic coercion, with member countries meeting in regular consultations, the statement said. The G7 called on all participating countries to adhere to the principles of "transparency, diversification, security, sustainability, and trust" in building supply networks.
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