The G7 summit, held this year in the city of Hiroshima in Japan, will focus on strengthening Western nations' unity and cooperation against global geopolitical challenges.
In a three-day meeting, President Joe Biden and allies from Japan, the U.K., Canada, Germany, France and Italy will debate on key global matters such as the Ukraine war, Taiwan's risk of aggression, North Korea's nuclear threat and China's unfair practices during a three-day meeting.
The G7 Summit will also discuss key technologies such as artificial intelligence and the potential misuse of them by China or other nations.
Leaders are scheduled to visit Hiroshima's memorial park, which commemorates the 1945 atomic explosion that destroyed the city and killed 140,000 people.
"The international community is now at a historic turning point," Japan's Prime Minister Kishida Fumio stated in his opening remarks as Japan assumes the G7 leadership this year.
U.S. Strengthens Ties With Japan: The US-Japan Alliance is "the cornerstone of regional peace and prosperity," the White House said after Biden and Kishida met on Thursday ahead of the G7.
The two leaders highlighted the need of working together to confront North Korea's nuclear and ballistic missile programs, China's illicit international behaviors and Taiwan Strait stability.
The WismomTree Japan Hedged Equity Fund DXJ, which seeks to track the performance of the Nikkei 225 index by hedging currency risk, is trading at an all-time high as the G7 conference approaches.
War In Ukraine: Ukraine's crisis will be at the forefront of the G7 agenda, with Ukraine President Volodymyr Zelenskyy virtually present. After 15 months of Russian assault in Ukraine, leaders will assess the state of the battlefield, with the group of Western economies also considering strengthening sanctions on Putin's regime.
AI Is On The Table: G7 leaders are also expected to undertake the first conversations among the world's top democratic nations about a cohesive approach for controlling the use of generative artificial intelligence systems such as GPT-4, as well as China's harmful use of AI technology.
Earlier this week, Reuters reported a top Chinese general said that China "will seek new military advantages by building up capabilities in areas such as artificial intelligence, information networks, and aviation and space."
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Photo: President Joe Biden arrives at G7 Summit 2022, courtesy G7 Germany
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