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The Exchange - June 30, 2022

2022-06-30
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  • G7 Takeaways | The G7 Summit concluded this week. The White House has announced that it will continue to work with the other six members on challenges posed by China, including economic practices and trade. During the meeting, President Biden announced a $600 billion infrastructure partnership that is similar to China's Belt and Road Initiative. G7 leaders also pledged to the creation of a “climate club” and agreed to cooperate on Russian sanctions, food security, and energy markets.
  • NATO Expansion And Its China Concern | The NATO Summit ending today shares similar focuses with the G7 Summit — Russia and China. Turkey agreed to let Sweden and Finland join the defense bloc, creating a setback for Russia. Japan, Korea, New Zealand, and Australia were invited as guests, highlighting concerns about security in the Asia-Pacific region in the discussion. China is expected to be defined as a “systemic challenge" in the updated key document of the military alliance.
  • BRICS Involves More Partners | China invited more developing countries to talk about cooperation after hosting the virtual BRICS Summit last week, aiming to expand the five-country association to so-called "BRICS+." So far, Iran and Argentina have handed in applications and some other countries said they were willing to join. Much looser in the form compared with G7 and NATO, BRICS was hailed by Beijing for its openness and inclusiveness. At the meetings over the weekend, China sent out a strong message against bloc confrontation and promoted a more fair international order, and other participants acknowledged the importance of cooperation.

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