G7 project tackles “unfair” trade competition from China

Group of Seven (G7) countries pledged Friday to combat what they called China’s unfair trade practices that harm their workers and industries, according to a draft declaration released on the last day of their annual summit.

The G7 also warned of measures against Chinese financial institutions that helped Russia obtain weapons for its war against Ukraine.

Pope Francis joined the leaders of Italy, the United States, Britain, Canada, France, Germany and Japan in southern Italy on Friday, a historic appearance at G7 to participate in a discussion on artificial intelligence.

The pope had meetings with French President Emmanuel Macron and Ukrainian President Volodymyr Zelenskiy, and was later expected to speak with other leaders, including US President Joe Biden.

The summit’s draft declaration, reviewed by Reuters, stressed that the G7 was not trying to harm China or thwart its economic development, but would “continue to take steps to protect our businesses from unfair practices, to level the playing field and address ongoing harm.”

Washington expects to see unprecedented unity within the G7 in the face of China’s non-market policies and practices, a senior US official told the G7.

The United States this week imposed new sanctions on China-based companies that supply semiconductors to Russia, amid concerns about Beijing’s increasingly aggressive stance on Taiwan and conflicts with the Philippines over rival maritime claims.

“China is not providing weapons, but the capacity to produce those weapons and the technology available to do so, so it’s actually helping Russia,” Biden told reporters at Thursday’s summit after signing a China pact. bilateral security with Zelenskiy.

During the first day of their meeting in southern Italy, G7 countries agreed to a deal to provide Ukraine with $50 billion in loans secured by interest from frozen Russian assets – hailing the agreement as a powerful signal of Western determination.

Biden held talks Friday with Italian Prime Minister Giorgia Meloni, the summit host, during which they agreed to pursue all options to impose additional costs on Russia.

In the draft, G7 leaders also promised sanctions against entities that allegedly helped Russia circumvent sanctions on its oil by fraudulently transporting it.

ABORTION LABEL LINE

The draft reiterates commitments made at the G7 meeting in Japan last year on sexual and reproductive rights, but does not directly mention the word abortion.

The issue sparked a dispute between France and Italy after Rome – which holds the rotating presidency of the G7 – demanded the removal of the reference to “safe and legal abortion” in the final declaration.

The Pope will be joined by 10 other heads of state and government, including the Indian Prime Minister and the King of Jordan, as the G7 opens its doors wide to foreigners in a bid to show it is not a club reserved and exclusive.

The leaders will also discuss immigration, a crucial issue for Meloni who is pushing Europe to help curb illegal flows from Africa and who has launched a flagship plan to boost the continent’s development to help itself attack the root cause of these departures.

Many leaders, including Biden, will leave Italy Friday evening, and Meloni said they have already agreed on the summit’s conclusions, which will be approved at the end of the day.

On Saturday there will be room for bilateral meetings for those who remain, before Meloni’s final press conference.