The group of richest countries wants to create an alternative to China’s projected ‘New Silk Road’
The G7 countries are determined not to leave world trade routes in the hands of third parties. And for that, at the summit that began this Sunday in Elmau, together with the German city of Garmisch Partenkirchen, and which will last until tomorrow, Tuesday, they proposed the creation of a “global infrastructure company”, according to a statement issued by the US delegation under led by President Joe Biden. “Together with our G7 partners, we aim to mobilize a total of $600,000 million (approximately EUR 570,000 million) by 2027 for global infrastructure investment,” the note reads.
The initiative is an alternative to China’s project to create what Beijing has already called the “New Silk Road.” With this, the Asian giant wants to open new trade routes to Europe, Africa, Asia and Latin America.
The United States delegation at the meeting in the Bavarian Alps by the Heads of State or Government of Germany, France, Great Britain, Italy, the United States, Canada and Japan emphasized that the countries receiving financial support from China to carry out their project eventually develop highly indebted and dependent on Beijing, while the “so-called investments” do not benefit the populations of the affected states at all. On the other hand, it states that the projects of the initiative announced by the G7 will be subject to high standards “to ensure that these investments have a commercial and economic background and do not end up in debt traps”.
Of the $600,000 million in investments announced over the next five years, 200,000 (about $190,000 million) will be contributed by the US and the remaining $400,000 (about $380,000 million) by the other members of the G7. The US contribution will be fueled by a combination of funds approved in the budgets, federal funding, grants and private sector investment, according to White House sources.
This global investment and infrastructure partnership replaces the “Build Back a Better World” plan announced at last year’s G7 summit.
Turning to the war in Ukraine, which was very much present at the meeting of the world’s seven richest countries, British Prime Minister Boris Johnson stood up for Germany’s defense in the face of criticism of its alleged lack of military support for Ukraine and praised the policy of Chancellor Olaf Scholz. Both Germany and France “have done a surprising amount of work where they were at the start of the conflict,” Johnson told CNN from the G7 summit.
The British Prime Minister pointed out that Scholz had taken a radical turn in German policy with his decision to send heavy weapons to Ukraine and to massively rearm the German army. “Never in my life did I expect Germany to make a direct military contribution to support another European country like now,” he said.
Likewise, after meeting French President Emmanuel Macron — in favor of seeking negotiations with the Kremlin in which Russia would not be “humiliated” in a peace deal — Johnson warned against any concession to the Kremlin to end the confrontation. “Any attempt to end the conflict now would only create permanent instability and lead President Putin to permanently manipulate sovereign states and international markets,” the British president said.
On the other hand, the interior minister of Bavaria, the Christian Socialist (CSU) Joachim Herrmann, this Sunday defended the deployment of 18,000 police and the cost of more than 170 million euros to ensure the security of the G7 summit in the castle. guarantee from Elmau, Southern Germany.
Herrmann acknowledged that attendance at the anti-summit protests has so far been much lower than expected. He noted, however, that the deployment of agents and media is not only to counter demonstrations, but also to ensure airport security, the roads leading to the meeting location, the prevention of terrorist attacks or drone strikes. to guarantee attacks.
Source: La Verdad
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