G7 summit success shows West can still lead
This is significant, given the paralysis of the G20 right now over differences with Russia, China and their allies
THE G7, widely written off as an anachronism in the 2020s, was created in the instability of the 1970s to monitor developments in the world economy. Yet at the Italy-hosted leadership summit which finished at the weekend (Jun 15), Western leaders delivered a series of big geopolitical wins that shows the body can still deliver.
At the top of the agenda was Ukraine where the most eye-catching announcement was a US$50 billion G7 loan to Ukraine. This uses profits from US$300 billion in frozen Russian assets in the West to boost funding for Kyiv, a move that Moscow has condemned.
A number of other security deals were made with Kyiv, the standout of which is a 10-year bilateral agreement with the United States – seen in the West as a potential transition point for Ukraine on the road to joining Nato. This includes commitments for prolonged aid encompassing areas such as military training, the sharing of intelligence, and economic assistance.
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