G7, agreement on 50 billion to Ukraine. Middle East, pressure on Israel for two-state solution
Major gatherings in Apulia raise voice with China on Russia, Taiwan and trade
by Beda Romano
3' min read
3' min read
BARI - The member countries of the Group of Seven took the opportunity of their annual summit at the level of heads of state and government, this year in Borgo Egnazia, Puglia, to launch a (heartfelt) call for cooperation with China. The final declaration, adopted today, Friday 14 June, reveals all the difficulties and embarrassments of the Western world, which is increasingly ambivalent in dealing with Beijing and, in general, with new and assertive international players.
"We aim for constructive and stable relations with China (...) We are not seeking to harm China or hinder its economic development," the G7 assured in its communiqué today. "However, we express our concerns about its persistent industry bias and anti-competitive policies that are causing international consequences, market distortions and harmful overcapacity in a growing range of sectors."
"We are not decoupling or closing in on ourselves," added the United States, Canada, Japan, Germany, the United Kingdom, France, and Italy. "However, we want to reduce risks and diversify supply chains where necessary and appropriate, and promote economic resilience to counter aggressive economic methods. We also call on China to refrain from export control measures, particularly for critical minerals'.
The final communiqué then confirms the political agreement that emerged on Thursday to grant a USD 50 billion loan to Kiev, which is at war with Russia (see today's Il Sole/24 Ore). The details have yet to be negotiated, but it emerged from the summit that "future proceeds from Russian reserves frozen at the time of the outbreak of war in Ukraine will be used to repay the loan and to finance debt servicing" that the G7 countries will contract on the market.
The stance against Beijing comes at a time when China's economic policy, based on generous government subsidies, is coming under increasing criticism from many quarters. This week, the European Commission decided to increase duties on Chinese electric cars (see Thursday's Il Sole/24 Ore). The Chinese issue, however, does not only concern the economy. It leaks out in other areas: in particular in the Russian war in Ukraine, in the Taiwanese affair, or in the balances on the African continent.
