Group of Seven leaders start their annual summit on June 13, 2024 looking down on support for Ukraine in its war against Russia and offer a united face in confronting China’s political and economic ambitions. With the Middle East (West Asia), Migration and Artificial Intelligence (AI) also on packed agenda, the June 13-15 Summitt in southern Italy would be taxing for the leaders at the best of their times but most of them are also bowed down by their own domestic woes.
US President Joe Biden, facing a tough re-election bid in November 2023, arrived in Italy, the day after his son Hunter Biden was convicted of lying about his drug use to illegally buy a gun. British Prime Minister Rishi Sunak appears destined to lose power in July 4 election, the leaders of France and Germany are reeling from political defeats and opinion polls are bleak for the Prime Ministers of Canada and Japan.
Only the host, Italian PM Giorgia Meloni, is riding high after triumphing in Italy’s European election last weekend, but achieving meaningful results in the luxury Borgo Egnazia hotel resort will be a tall order. Determined to claim the initiative, the G7 leaders look likely to announce they have agreed on plans to issue 50 billion USD of loans for Ukraine using money from Russian frozen assets to back the multi-year debt package.
However, officials acknowledge the plan is complex, meaning any deal will only be in principle with legal experts still having to thrash of the details that will need the backing of European nations, particularly Belgium which is not in the G7. For a second year running, Ukrainian President Volodymyr Zelensky will attend the summit and is due to sign a new long term security accord with Biden.
“By signing this we will also be sending a signal to Russia of our resolve. If Russian President Vladimir Putin thinks he can outlast the coalition supporting Ukraine, he is wrong,” the White house National Security Adviser Jake Sullivan told reporters. Underscoring US Determination to punish Moscow for its 2022 invasion of Ukraine, Washington on June 12 dramatically broadened sanctions on Moscow, including by targeting China based companies selling semiconductors to Moscow.
By announcing new restrictions on Chinese firms on the eve of the G7 meeting, Biden is no doubt hoping to persuade western allies to show greater resolve in confronting Beijing over is support for Russia and its industrial over capacity. The European Commission told automakers on June 13, 2024; it would impose extra duties of up to 38.1 percent on imported Chinese electric cars from July less than a month after US quadrupled duties for Chinese Electric Vehicles to 100 percent.
While G7 leaders are expected to express concerns over high Chinese production levels which they say disrupt global supply chains and market stability, EU diplomats warn that Europe is anxious to avoid a full blown out trade war with Beijing. Eager not to appear like an elitist fortress, the G7 has opened doors to large number of outsiders this year, including Pope Francis who will give a keynote speech on June 14, 2024 on both the risks and potential of AI.
Among those who have been brought to Puglia are leaders of the some of the biggest regional powers of the globe such as India, Brazil, Turkey, Algeria, and Kenya. Although the summit is scheduled to run until June 15, 2024, many G7 chiefs will leave on June 14, 2024 night including US President Joe Biden meaning the final day has been earmarked for bilateral meetings for those saying on a final news conference from Giorgia Meloni.
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