G7 Hiroshima Summit Session 1 "Toward an International Community Characterized by Cooperation, not Division and Confrontation / Global Economy" (Working Lunch) (Summary)
On May 19, the G7 Hiroshima Summit Session 1 (Working Lunch) “Toward an International Community Characterized by Cooperation, not Division and Confrontation / Global Economy” was held from 1:45 p.m. for approximately 80 minutes. Global economy and trade was also discussed during the session. The summary of the session is as follows.
- Prime Minister Kishida stated that the overall main theme of the summit is to confirm the unity of the G7 and strengthen the roles of the G7 toward an international community characterized by cooperation, not division and confrontation, and to demonstrate active and concrete contributions toward this aim. Prime Minister Kishida then stated that he would like to clearly set out as the G7 two pillars, namely upholding the free and open international order based on the rule of law and strengthening outreach with international partners beyond the G7. As a result of discussion, the G7 leaders agreed on the importance of these two perspectives.
- Regarding global economy, Prime Minister Kishida stated that he has advocated an economic policy of a “New Form of Capitalism,” advanced supply-side reforms for sustainable economic growth, emphasized on strengthening “investment in people” along with increasing wages and expanding internal investment, and promoted virtuous cycle of growth and distribution. Through the discussion, the G7 leaders concurred on the importance of close coordination among the G7 as well as the cooperation with international partners towards transition to clean energy economy, reduction of dependency on specific countries, and the making of reliable supply chains.
- Regarding digital, the G7 leaders confirmed the necessity of governance for generative AI and immersive technologies based on the values of the G7. The leaders agreed that they will have ministers in charge discuss generative AI as “Hiroshima AI process,” and have them report the results before the end of this year. Moreover, Prime Minister Kishida stated that he would ask for the G7’s cooperation toward the early establishment of an international framework based on an agreement at the ministerial level to materialize Data Free Flow with Trust (DFFT). Based on this discussion, Prime Minister Kishida stated that Japan will contribute as Chair, including making suitable financial contributions.
- With regard to trade, Prime Minister Kishida mentioned that the free and fair trade system based on rules centered on the WTO is the foundation of global growth and stability. As a result of discussion, the G7 leaders concurred on the necessity to work toward maintaining and strengthening the free and fair trade system, including in WTO reform.