Reliable partnerships in a world of uncertainty

António Costa, president, European Council

The best response to uncertainty is reliability. In a world marked by increased fragmentation, unpredictability and rivalry, the European Union remains a reliable, predictable and trusted partner. We will continue to work closely with like-minded partners in the G7 and beyond, in this spirit.

Reliability is a common thread across all EU policies: a commitment to our partners, to our international engagements, to effective multilateralism and to the fundamental principles of international law – national sovereignty, the right to self-determination, territorial integrity and respect for international borders. The EU’s unwavering support for these principles, as enshrined in the United Nations Charter, is a cornerstone of Europe’s place in, and contribution to, the international community.

This is why the EU remains steadfast in its commitment to Ukraine. Russia’s war of aggression must not become a precedent for countries to invade others and redraw international borders by force. Countries and actors supporting Russia’s war effort in Ukraine must therefore be reminded that they are helping to undermine global peace.

Europe’s support for Ukraine also demonstrates our commitment to global security, which is threatened by Russia’s war.

We will continue to stand with Ukraine, in defending itself and in its efforts towards a comprehensive, just and lasting peace. We will continue to step up pressure on Russia, notably through sanctions that weaken its war machine and preserve leverage for any negotiations. The G7’s Extraordinary Revenue Acceleration loan initiative is a demonstration of how the G7 can act decisively to support Ukraine. Going forward, the EU will play a central role in Ukraine’s reconstruction, closely linked with the EU accession process, and looks forward to continued cooperation with G7 partners in supporting Ukraine.

The G7 must also continue to strengthen its relations with countries around the globe, as well as to work with the United Nations and its agencies, building on common interests and shared priorities, such as climate action, sustainable development, poverty and disease reduction, debt vulnerabilities, and the reform of global financial institutions.

We need to implement our agreed G7 $600 billion partnership to finance global infrastructure and investment in developing countries, which enhances our economic security and strengthens their ability to cope with economic adversity. This includes addressing global warming, which is the root cause of climate disasters such as wildfires and floods. The EU will stand firm in the fight against climate change, aiming for climate neutrality by 2050 and striving for meaningful progress at this year’s Conference of the Parties meeting
in Brazil.

Efficient, safe and predictable trade is a key feature of global cooperation. Indiscriminate tariffs will not address the deficiencies in the trading system. They increase prices for consumers and costs for businesses, and disrupt supply chains. The EU remains committed to predictable and fair trade relationships with all its partners.

Over the years, the G7 has built a strong track record of cooperation and like-mindedness, promoting sound policies and securing economic relations based on mutual trust, with a real impact on the lives of our citizens and our businesses. In securing and building on this unity, the G7 and other global partners who share the same fundamental values will contribute to de-risking our supply chains and safeguarding our economic security.

New systemic challenges – most notably those posed by the emergence of China as a key global player – have fundamentally changed the global economy. We need to work together on issues that cannot be tackled in isolation: climate change, biodiversity loss, the governance of emerging technologies and the risk of pandemics, to name only a few. At the same time, only fair and balanced cooperation can lead to a predictable, principled and lasting partnership. This also means that systemic distortions, lack of market access and the absence of a level playing field must be addressed.

In these uncertain times, leadership is essential. Our Canadian friends have demonstrated the ability to read the moment and develop a strategy that finds common ground among G7 members on some of the most critical issues of our time, laying the groundwork for detailed, focused discussions and for delivering concrete and effective outcomes.

G7 unity must continue to be a pillar of stability in a world of heightened uncertainty. The EU is ready to contribute to this unity.