Politics | Jun 27

Kishida calls for G7 unity to tackle soaring prices

Japanese Prime Minister Kishida Fumio has said the Group of Seven nations should further strengthen their unity to protect the lives of people affected by soaring prices amid Russia's invasion of Ukraine.

He was speaking at the first session of the G7 summit that started on Sunday, in Elmau in southern Germany. The leaders discussed the global economy.

Kishida said the global economy faces many difficulties due to Russian aggression against Ukraine. He noted that the prices of energy, food and other commodities have been surging, and supply chains have been disrupted.

He said it is also necessary to pay close attention to rapid market fluctuations, including foreign exchange rates.

The prime minister stressed the need for G7 countries to speed up joint efforts to provide food aid to developing countries.

Kishida said the current surge in prices is not simply an economic issue, but a challenge facing the framework of world peace and order.

He went on to say sanctions on Russia cannot be eased unless the fundamental issue of the country's aggression is resolved.

During the session, Kishida also proposed discussing economic security.

G7 leaders confirmed that their countries and partners will bolster cooperation to deal with economic coercion, bearing in mind China.

They also agreed to deepen discussions, in the lead-up to a scheduled G7 summit next year in Hiroshima.

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