Chairman Kokubu’s Comments on the G7 Summit in Schloss Elmau, Germany

June 30, 2022

Leaders of the G7 countries, which share the common values of freedom, democracy, human rights, and the rule of law, recently gathered for discussions to find solutions to a wide range of pressing global challenges, including the pandemic and climate change, in addition to problems of escalating energy and food prices and supply chain disruptions caused by the prolonged crisis in Ukraine. I welcome this demonstration of solidarity and determination.

In order to address these challenges, leaders agreed to mobilize US$4.5 billion of additional funds with the aim of securing a stable supply of food to developing countries, up to US$600 billion in public and private investment for climate change response and infrastructure support in developing countries over the next five years, and also agreed to establish a Climate Club by the end of 2022 as a new international framework to speed implementation of the Paris Agreement and to accelerate the shift to clean energy. These were the major achievements of the summit.

Based on these achievements, Prime Minister Kishida announced that the next G7 summit will be held in Hiroshima in May 2023, when Japan will assume the G7 presidency. Japan has an increasingly important role to play in international cooperation and coordination in trade and diplomacy. The Japan Foreign Trade Council, together with all our member companies, will collaborate with government ministries and agencies, related organizations, as well as other industries and groups, to give our full support to these initiatives.