The Group of Seven major democracies met on June 13, 2024, to discuss various global issues. There was an agreement in principle to issue $50 billion in loans to Ukraine using interest from Russian sovereign assets. The summit also focused on China’s industrial overcapacity and supporting African states in their economic development. Pope Francis was set to deliver a keynote speech about artificial intelligence on the second day of the conference.
Western nations were concerned about Russia, with Moscow threatening to seize US assets in response to potential confiscation of their currency reserves. While Italian Prime Minister Giorgia Meloni expressed optimism about the discussions, leaders from the United States, Japan, France, Germany, Britain, and Canada faced domestic challenges at home. Despite their issues, they were determined to make a difference on the world stage.
Ukraine’s President Volodymyr Zelenskyy attended the summit for the second year in a row, discussing a new security accord with US President Joe Biden. The G-7 leaders were likely to announce a multi-year loan using profits from impounded Russian funds, with legal experts finalizing the details by the end of the year. The goal was to ensure the agreement could withstand changes in political leadership in G-7 countries.
US President Joe Biden aimed to strengthen ties with democratic allies and punish Moscow for its invasion of Ukraine at the summit. Washington expanded sanctions on Moscow, targeting China-based companies in the semiconductor industry that were selling to Russia. Biden hoped to garner more support from Western allies in confronting Beijing over its support for Russia and industrial overcapacity.
China, a major creditor to heavily indebted countries, was a topic of discussion at the summit. While not singling out China, G-7 leaders emphasized the need for China to play a constructive role in managing global debt burdens. The summit aimed to address various global challenges across different regions and invited leaders from countries like India, Brazil, Argentina, Turkey, Algeria, and Kenya to participate.
The G-7 summit featured a packed agenda, with a focus on global issues like supporting Ukraine, countering China, and promoting African economic development. Leaders faced domestic challenges but were determined to make an impact on the world stage. Pope Francis delivered a keynote speech on artificial intelligence. While the summit was set to end on Saturday, many leaders were scheduled to leave on Friday, dedicating the final day to bilateral meetings and a closing news conference led by Italian Prime Minister Giorgia Meloni.
