G7

"We will roll out a concrete set of proposals to increase pressure on Russia," the official said. U.S. President Joe Biden flies Saturday to join the leaders of Britain, Canada, France, Germany, Italy, and Japan at the summit in Bavaria. The club of wealthy democracies is at the heart of a fierce economic and diplomatic campaign to punish Russia, which invaded Ukraine in February and continues to wage battles across the pro-Western country's eastern region, as well as occupying swaths of the south. After attending the G7 summit from Sunday to Tuesday, Biden will fly to Madrid for a summit of the NATO military alliance next week. Ukraine and Russia will feature heavily in both diplomatic gatherings as allies ponder how to weather the secondary impact from sanctions against Russia on their own economies -- particularly in stoking high fuel prices. "How do we maximize pain on Putin's regime? How do we minimize spill-backs back to the rest of the world? And I think that's exactly … [Read more...] about G7 summit to announce measures increasing ‘pressure on Russia’: US official

The Partnership for Global Infrastructure and Investment, unveiled with fanfare by U.S. President Joe Biden and G7 allies from Canada, Germany, Italy, Japan and the European Union, aims to fill a huge gap left as communist China uses its economic clout to stretch diplomatic tentacles into the furthest reaches of the world. Biden said the target was for the United States to bring $200 billion to the table, with the rest of the G7 another $400 billion by 2027. Funding the kinds of projects that China currently dominates -- everything from roads to harbours in far-flung corners of the world -- is not "aid or charity," Biden said. Highlighting the geostrategic thinking behind the plan, Biden said such projects "deliver returns for everyone, including the American people and the people of all our nations." Around the world, the role of China's democratic rivals is "a chance for us to share our positive vision for the future" and for other countries to "see for themselves the … [Read more...] about G7 touts $600 bn global infrastructure plan to rival China

It is typical and traditional in the world of G7 that all happenings at the G7 annual summit would quickly fall into oblivion. This year's annual G7 summit was held in Germany's Bavaria, hosted by Germany's Bundeskanzler Olaf Scholz. For him himself as well as for Japan's prime minister Fumio Kishida for the first time, for G7 for the 48th one. This political and media spectacle costed Germany approximate 170 millions Euro. Leaders of G7 members at the summit. Source: VNA The leaders of all G7 members - Germany as host, the US, France, Italy, Canada, United Kingdom and Japan - were there in-person. Representatives of the EU and some other non-G7-member states were invited to participate. All G7 members except Japan are Nato members and will gather again at the Nato summit in Spain right after the G7 summit. Therefore, many statements and announcements from G7 will be heard at the Nato summit afterwards. The G7 summit agenda was very ambitious: world … [Read more...] about G7 – More show than relevance

Indonesian President Joko Widodo and Canadian Prime Minister Justin Trudeau (Photo: https://en.antaranews.com/ Jakarta (VNA) – Indonesia n President Joko Widodo (Jokowi) has encouraged the establishment of strong economic cooperation between Indonesia and Canada, as the two countries commemorate 70 years of diplomatic relations this year. At bilateral talks with Canadian Prime Minister Justin Trudeau on the sidelines of the G7 Summit in Elmau, Germany, on June 27, Jokowi said the two countries should continue to encourage the spirit of cooperation, the spirit of collaboration, and the spirit of multilateralism to face the current global challenges. According to a press release on June 28 of the President’s Executive Office, to strengthen economic cooperation , the president urged the conclusion of negotiations on the Indonesia-Canada Comprehensive Economic Partnership Agreement (ICA-CEPA) in 2023 to send a positive signal to the business sectors in the two … [Read more...] about Indonesia advocates strong economic cooperation with Canada

They have to balance their relationships between Russia and their Western partners. China hosted the 14th annual BRICS Summit virtually because of the pandemic. This event was held only a few days before the G7 in-person summit in Germany. BRICS comprises Brazil, Russia, India, China, and South Africa. Overview of the event. Source: VNA The online meeting drew special attention around the world, especially from the US, EU, NATO and their allies due to Russia's military actions in Ukraine for more than four months now. The US, EU, NATO, and their allies - among them all G7 members - stand on Ukraine's side and have imposed strong and multifaceted sanctions on Russia. They have been trying as much as they could to politically isolate Russia on the world stage. Brics members, including China, India, Brazil and South Africa, refused to follow the West in imposing sanctions against Russia and supporting Ukraine. Therefore, this event was a major significant gain … [Read more...] about BRICS in dilemma

Inflation in Vietnam currently does not warranty an increase in interest rates or tightening of currency. At present, Vietnam is in a more favorable position than many other countries in the world. No undue pressure In a conversation with Saigon Investment, Dr. Ho Quoc Tuan from the University of Bristol, commented that when talking about global inflation, the first factor that comes up is the increase in the price of energy and raw materials across the world which have been greatly affected by the Russia-Ukraine war. Among the factors that are affecting the most are energy prices of crude oil and gas. Analysts in this field have said that even with the US President visiting Saudi Arabia, the ability to deal with energy supply is still very difficult. Currently, the US Congress is trying to come up with policies to encourage domestic production of shale oil, but they are also not too optimistic. Dr. Ho Quoc Tuan said that this means that the supply cannot be resolved this year … [Read more...] about Inflation not a domestic problem in Vietnam

"With this delivery of economic assistance, we reaffirm our resolute commitment to the people of Ukraine as they defend themselves against Putin's war of aggression and work to sustain their economy," Treasury Secretary Janet Yellen said in a statement. The payment, part of the $7.5 billion aid package signed by President Joe Biden in May, is set to be made through the World Bank. According World Bank estimates, the war, which began with Russia's attack of its former Soviet neighbor in February, could cause the Ukrainian economy to contract by up to 45 percent in 2022. The country is currently running a budget deficit that is growing by $5 billion every month, exacerbated by its inability to raise funds or to access financing on external markets. Allies have rushed to pump Ukraine with aid, with the G7 and the European Union also announcing commitments of $29.6 billion in further money for Kyiv, with $8.5 billion of that coming from the United States, according to the Treasury … [Read more...] about US disburses $1.3 bln of promised aid to Ukraine

National Assembly Chairman Vuong Dinh Hue (L) meets Speaker of the UK House of Lords John Mcfall Hanoi (VNA) - Vietnam wishes to share experience with the United Kingdom (UK) in legislative affairs, especially in the building of the legal framework, policies and mechanisms to support the Government in realising international commitments, National Assembly (NA) Chairman Vuong Dinh Hue told Speaker of the UK House of Lords John Mcfall during their talks in London on June 29 (local time). The two leaders discussed the situation of relations between the two countries and the two parliaments with the hope that Vietnam and the UK, especially the parliaments, will jointly set out new orientations and solutions to deepen bilateral cooperation in all fields. They stressed the need to enhance the comprehensive and substantive relations, both bilaterally and multilaterally, and agreed to maintain all-level delegation exchanges and contacts. Regarding trade and investment … [Read more...] about Vietnam hopes to enhance parliamentary ties with UK: Top legislator

The two leaders discussed the situation of relations between the two countries and the two parliaments with the hope that Vietnam and the U.K., especially the parliaments, will jointly set out new orientations and solutions to deepen bilateral cooperation in all fields. They stressed the need to enhance the comprehensive and substantive relations, both bilaterally and multilaterally, and agreed to maintain all-level delegation exchanges and contacts. Regarding trade and investment collaboration, Hue emphasized that the U.K. is currently Vietnam’s third biggest trade partner in Europe and its leading European investor. Showing their delight at progress in two-way trade as it hit USD 6 billion last year, both sides proposed the two countries continue bringing into full play the U.K.-Vietnam Free Trade Agreement (UKVFTA) to facilitate U.K. businesses’ expansion of investment in Vietnam, particularly in green finance, pharmaceuticals, health, digital technology, education, startup … [Read more...] about Vietnam hopes to enhance parliamentary ties with U.K.: Top legislator

National Assembly Chairman Vuong Dinh Hue (R) meets UK Cabinet Office Minister and President for 26th United Nations Climate Change Conference (COP26) Alok Sharma (Photo: VNA) Sharma said he hoped Vietnam would make political commitments ahead of COP27 and at the highest level. The official showed interest in bilateral cooperation in finance, regulation reform, experience sharing in power transition, and future partnerships. He said that British PM Boris Johnson and European Commission President Ursula von der Leyen had agreed to sign a letter to Vietnamese PM Pham Minh Chinh proposing the establishment of a Just Energy Transition Partnership between the G7 and Vietnam. NA Chairman Hue highlighted that Vietnam was the first country to implement the Millennium Development Goals. He said that commitments Vietnam made at COP26 were strong political ones showing the country’s determination to respond to climate change, reduce emissions, and switch to a green and circular … [Read more...] about COP26 president hails Vietnam on renewable energy