The G7 leaders convene a two-day summit in Ise-Shima (Photo: EPA/VNA)

Hanoi (VNA) – The G7 leaders have committed to enhancing cooperation to achieve sustainable growth in the global economy and to ensure maritime security, including in the South China Sea (known as the East Sea in Vietnam).

The G7 Summit took place in Ise-Shima, Japan, on May 26 – 27, with the participation of the leaders of the G7 countries: Canada, France, Germany, Italy, Japan, the UK, and the US.

In the final statement released on May 27, the G7 leaders voiced their concern about the risks to the world economy and commit to seeking strong and sustainable growth.

They say in their Declaration that: “Global growth remains moderate and below potential, while risks of weak growth persist,” and so, “Global growth is our urgent priority.”

They underscored the importance of all countries refraining from competitive devaluation, and reiterated that excess volatility and disorderly movements in exchange rates can have adverse implications for economic and financial stability.

In particular, they expressed concern about the situation in the East and South China Seas, and emphasised the fundamental importance of peaceful management and settlement of disputes.

The leaders reiterated their commitment to peaceful dispute settlement, and to respecting freedom of navigation and overflight.

They also reaffirmed the importance of states’ making and clarifying their claims based on international law, refraining from unilateral actions which could increase tensions and not using force or coercion in trying to drive their claims.

During the summit, the leaders of Canada, France, Germany, Italy, Japan, the UK, the US, and the European Union pledge to take a leadership role in putting into effect the Paris Agreement on Climate Change as soon as possible. They support the enhanced efforts on energy efficiency and use of renewable energy, and will work to ensure stable oil prices in global markets.

The G7 recognises the ongoing large scale movements of migrants and refugees as a global challenge which requires a global response, the Declaration says.

At the summit, the participating leaders also mulled over measures for fostering counter-terrorism, cyber security, global health and women’s empowerment.

On the sidelines of the event, the G7 leaders had a dialogue with representatives of emerging and developing nations in Asia and Africa, namely Indonesia, Laos, Vietnam, Bangladesh, Papua New Guinea, Sri Lanka and Chad – which holds the rotating presidency of the African Union.

At the talks, participants said they were concerned about China’s building of artificial islands and militarisation in the South China Sea.

They also discussed the construction of quality infrastructure to fuel sustainable growth in Asia and other emerging markets.

Earlier, Japan – host of the G7 Summit – said the G7 leader’s meeting with its outreach partners would focus on the stability and prosperity of Asia, as well as the UN’s sustainable development goals in Africa.-VNA