G7 Leaders’ Online Meeting (Summary)

On March 11, commencing at 11:00 p.m. (JST), for approximately one hour, the G7 Leaders’ Online Meeting regarding the current situation in the Middle East was held under the chairmanship of France, which holds this year’s G7 Presidency. Ms. TAKAICHI Sanae, Prime Minister of Japan, attended the meeting. The overview of the meeting is as follows.

1. During this meeting, the G7 leaders discussed the impacts on the world economy as well as financial and energy markets, caused by the current severe situation in the Middle East. They also discussed ensuring safe maritime transportation, including in the Strait of Hormuz, and cooperation in protecting their respective nationals in the region.

2. The outline of Prime Minister TAKAICHI’s remarks is as follows:

(1) Current situation in the Middle East
     Japan has conveyed to Iran that its development of nuclear weapons must never be allowed, and that Japan condemns Iran's actions including its attacks on civilian facilities, including energy related facilities in the Gulf countries, as well as activities that threaten the safety of navigation in the Strait of Hormuz, and urged Iran to immediately cease such actions.
     Japan hopes to continue cooperating closely with the G7 members to assist their respective nationals in the region, including their evacuation efforts.

(2) Impacts on the economy and energy
     As navigation through the Strait of Hormuz becomes increasingly difficult, many countries, including Japan, have begun to experience repercussions such as rising energy prices, and the entire global economy could also have severe consequences. The G7 should act in a coordinated manner to calm the market and minimize economic losses, thereby preventing the current situation concerning Iran from escalating into an economic and financial crisis. Japan welcomes that the member countries of the International Energy Agency (IEA) concurred on implementing a collective release of crude oil. First among other countries, Japan announced its own release of oil today.
     Japan is deeply concerned that multiple vessels have already been attacked in nearby waters of the Strait of Hormuz, and underscores the necessity of ensuring safe navigation in the strait. Japan will continue to make every diplomatic effort, in coordination with the international community, including the G7 and the Gulf countries, toward the early de-escalation of the situation.

3. Conclusion
     The G7 Leaders concurred on continuing close cooperation in responding to the situation in the Middle East.