A consensus on sanctions against Russia and a rejection of protectionist economic policies were the last remaining themes that G7 leaders were thrashing out at a summit in Italy on Saturday, ahead of giving a final seal of approval to a joint commitment. In terms of trade, the leaders of the world’s seven most economically advanced nations were to settle on whether to reconfirm their agreement to reject protectionist policies, which was set out in the 2016 summit in Ise-Shima, Japan, Efe news reported.
This year, at a summit hosted in Taormina on the Italian island of Sicily, world leaders must more precisely agree on whether to include the word “protectionism” or not in the joint declaration.
With regards to a common approach on Russia, the heads of state and government will also decide whether more economic sanctions should be considered if Moscow fails to uphold its end of the Minsk Protocol — an international agreement to de-escalate violence in the East Ukraine conflict.
Following the Ise-Shima summit, G7 leaders indicated that they were in favour of increasing sanctions should the circumstances require it. The other main topic on the G7 agenda this year, climate change, is to be put on hold by the leaders of Germany, Canada, the US, France, Italy, Japan, Britain and the EU due to Washington’s reticence to ratify the Paris Agreement to reduce global levels of carbon emissions.