G7 leaders conclude summit with focus on China, historic Pope appearance

The Group of Seven (G7) leaders are wrapping up their annual summit on Friday with a heavy focus on China, before a historic appearance by Pope Francis to discuss artificial intelligence (AI).

In a significant move to show inclusivity, the G7 Summit 2024 has invited 10 other heads of state and government, including the Prime Minister of India and the King of Jordan, to participate in discussions.

During the first day of their meeting in southern Italy, the G7 nations agreed to a landmark deal providing $50 billion in loans for Ukraine, backed by interest from frozen Russian assets.

This agreement, hailed as a powerful signal of Western resolve, is expected to see contributions from the United States, Canada, Japan, Germany, France, Italy, Britain, and the European Union, with funds reaching Kyiv by the end of the year.

“This is a very historic step we’re taking today,” said German Chancellor Olaf Scholz. “It is also a clear signal to Russian President Vladimir Putin that he can’t just sit this out and hope that fiscal problems in a country that backs Ukraine will one day let him win this war.”

While the first day’s talks centred on Ukraine, China will be the primary focus on Friday.

Leaders are set to express concerns about China’s excess industrial capacity and its support for Russia.

The U.S. recently imposed fresh sanctions on China-based firms supplying semiconductors to Russia, amid worries over Beijing’s aggressive stance against Taiwan and maritime disputes with the Philippines.

“China is not supplying weapons to Russia, but it is providing the capability to produce those weapons and the necessary technology, effectively aiding Russia,” U.S. President Joe Biden stated at the summit after signing a bilateral security pact with Ukrainian President Volodymyr Zelenskiy.

Earlier this week, the EU announced plans to impose extra duties of up to 38.1% on imported Chinese electric cars starting in July, prompting Beijing to vow retaliatory measures.

However, there are differing opinions within the G7 Summit 2024 on how to address Chinese state subsidies, with Europe keen to avoid an all-out trade war with Beijing.

TopNaija announced that Pope Francis will deliver a speech on AI and hold multiple bilateral meetings, including with Biden, Zelenskiy, and Turkish President Tayyip Erdogan.

“It is a historic day. We will welcome the Holy Father. It is the first time for a pontiff at a G7. I am proud it will happen under the Italian presidency,” Italian Prime Minister Giorgia Meloni stated.

Leaders will also address immigration, a critical issue for Meloni, who is urging Europe to help curb illegal flows from Africa and has proposed a plan to boost development in the continent to tackle the root causes of migration.

Many leaders, including Biden, will depart Italy late on Friday after agreeing on the summit’s conclusions. Those remaining will participate in bilateral meetings on Saturday, followed by a final news conference from Meloni.