Apulia, 14 June 2024( TDI): G7 nations, the world’s most industrialized nations, gathered in an annual summit in Apulia, Italy from 13-15 June to discuss domestic, regional, and global challenges.
These challenges include Russia’s aggression against Ukraine, Africa’s climate change and development, the ongoing crisis in the Middle East, migration, strain in the Indo-Pacific, and Artificial intelligence and energy.
The G7 comprises the United States, Japan, Canada, Germany, France, Italy and Britain. The European Union participates in all discussions and is represented by the presidents of the European Council and the European Commission.
Despite these leaders, the host country, Italy, conventionally invited many outside guests to join some sessions, particularly the leaders of Ukraine, India, Brazil, Argentina, Turkey, the United Arab Emirates, and some countries from the African Union.
A significant development occurred when US President Joe Biden signed a 10-year bilateral security agreement with Ukrainian President Volodymyr Zelensky during a side meeting at the G7 summit.
During a press conference, Ukraine’s president, Volodymyr Zelenskiy called it a “historic day” and thanked Joe Biden and “everyone in America” for the US’s continued support.
Joe Biden said the security pact would make Ukraine “strong, sustainable and resilient. Moreover, he reiterated the US support of Ukraine and said his country will ensure Ukraine can defend itself now and deter potential attacks in the future.
In addition to the US bilateral security agreement, the leaders of Ukraine and Japan have signed a 10-year agreement under which Japan will assist in security, defense, humanitarian aid, reconstruction, and technical and financial support.
Ukrainian President Volodymyr Zelenskyy and Japanese Prime Minister Kishida Fumio signed the accord on the sidelines of the Group of Seven summit in southern Italy on Thursday.
Zelenskyy said Japan would provide $4.5 billion for Ukraine this year. A text of the deal released by the Japanese Embassy in Italy said Japan has committed and provided more than $12 billion in financial, humanitarian, and other assistance since March 2022.
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Furthermore, The United States and the other large Group of 7 economies agreed Thursday on a plan to give Ukraine a $50 billion loan to help it buy weapons and begin to rebuild damaged infrastructure at a crucial moment in the war, when Russia has the momentum on the battlefield.
The loan is expected to be repaid using interest earned on $300 billion in frozen Russian assets.
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