Heads of state from Canada, France, Germany, Italy, Japan, the United Kingdom and the United States of America came together with the European Council President and the European Commission President at Schloss Elmau for the G7 summit in discussing development and International values.

The summit initially focused on economic matters in its session “Growth and values” where those attending discussed how nations can provide better regulation, combating tax evasion and avoidance and supervising financial markets in order to  sustain economic growth in the global world arena. Also it  worldwide how women participate in economic life and climate protection.

Participants also looked at trade policy and supply chains, and looked at the transatlantic free trade agreements already in place through TTIP and CETA the summit looking to see mandatory international standards in supply chains.

Angela Merkel commended the hard work towards the TTIP. In particular on how  progress has already been made on the trade agreement between Japan and the United States. “When it comes to creating more jobs, Europe should not be last in line, but should do everything it can to move things forward. We can do it, and we want to have achieved important milestones by the end of the year.”

Merkel: Russia stance against common values of G7

The delegation of world leaders including Barak Obama and David Cameron who attended discussed foreign policy and security with topics ranging from a halt on Iran’s nuclear programme and also to seeing an end to the war in Syria and Mrs Merkel said these both of these issues called on Russia requiring to a partner.

Russia was conspicuously absent from the Summit, previously part of the G8,  after it’s annexing of Crimea last year and the German Chancellor said that the remaining G7 countries were unanimous in their position that  Russia should still be excluded because in the Summits view through it’s annexing of the Crimea,  Russia had opposed its common values. “That is a barrier at the moment, and I do not see it being overcome so very quickly,” the Chancellor said. Barak Obama and the other world leaders have announced that  sanctions on Russia will  not only remain remain in place until it ceases it’s support for Russian separatists in the Ukraine but even tighter sanctions. Mr Obama at his closing speech said he believed that current Russian  policy to re-create a ‘Soviet Empire’ was leaving Russia isolated to the rest of the G7 (Europe, America and Japan) requiring the G7 countries to not intensify and strengthen further sanctions against Russia.  

Summit Declaration (English)