Good afternoon, I want to thank Prime Minister Carney and the Canadian Presidency for the warm welcome. I express solidarity with Canada in its fight against devastating wildfires. Kananaskis is indeed a beautiful place with history. In 2002, the G7 met here as the G8. Russia was still at the table and seemed to be seeking closer ties with the West. What we then saw as a chance for peace turned out to be a grand illusion. Two decades later, we stand at a turning point. We are confronted with wars we thought were relegated to history, and the global landscape is increasingly shaped by global competition. This is why this summit will be defined by geo-economics and geo-politics. The worlds largest democracies and industrial economies are gathered here today. Willing to talk openly together and ready to act decisively together. I would like to focus tonight on four key priorities for Europe.
The first is: we are here to address the profound uncertainty and volatility of the global economy, which has already weathered two decades of shocks. We all recall the financial crises, be it the global one or the one in the Eurozone. We recall the post-pandemic inflation and the Russia-induced energy crisis. Today, trade tensions persist. The risks are no longer abstract.
They are tangible and mounting. When companies are uncertain about the conditions they will face tomorrow, they delay investments today. When households expect price hikes, they stop spending. Therefore, we need an open discussion among G7 partners. Restoring a sense of stability and predictability among ourselves is the first priority. We are deeply interconnected, which means risks must also be managed together. Tariffs, for example, do not just impact exporters. They are like taxes, paid by families and businesses in importing countries. Let us keep trade between us fair, predictable, and open. We must all avoid protectionist measures. This is an important message the G7 can send to the markets and the world. Let us remain focused together on the real and structural challenges that demand our full attention.
This brings me to my second point: economic security. It is a challenge that we all have a crucial stake in. Because all G7 countries are facing aggressive trade practices from non-market economies.
From industrial overcapacity to weaponizing economic dependencies. These practices must be addressed. And because they affect all of us, we must respond together. We must end the era of globalism without guardrails. We need to diversify and strengthen our supply chains for raw materials. Therefore, we will discuss closer cooperation on critical minerals among trusted partners. We must tackle distortions in other key sectors.
Steel, for example, and pharmaceutical products. And we must counter non-market policies and practices together. This will also be an important discussion tomorrow.
My third point, moving from geo-economics to geopolitics, we will start with the topics of Ukraine. President Zelenskyy will join us the day after tomorrow. He has shown willingness to agree to an unconditional ceasefire. President Putin, on the other hand, has escalated attacks on Ukraine. To achieve peace through strength, we must put more pressure on Russia to secure a real ceasefire, to bring Russia to the negotiating table, and to end this war. Sanctions are critical to that end. As a result of the combined G7 and EU sanctions, for example, Russian oil and gas revenues have fallen by almost 80% since the beginning of the war. The sanctions are working. And we will do more. Last week, we put forward a proposal for an 18th sanctions package. I invite all G7 partners to join us in this endeavor. Europe is committed to putting Ukraine in a position of strength. So far, the EU and its Member States have mobilized almost EUR 150 billion for Ukraine. As G7, we must plan now for more support for 2026 and beyond.
My fourth point, we will have a discussion on the Middle East. We are following the situation with deep concern, following Israels strikes on Iran and the Iranian response. I spoke with Prime Minister Netanyahu today. I reiterated Europes commitment to peace and stability in the Middle East. In this context, Israel has the right to defend itself.
Iran is the principal source of regional instability. We have always been very clear: Iran can never have a nuclear weapon. We have voiced our strong concerns over Irans nuclear and ballistic missile programs. A diplomatic solution remains the best way in the long run to address concerns about Irans nuclear program. Europe remains committed to finding a lasting solution through a negotiated deal. For this, we are ready to work with partners in the region and beyond. We will also stay vigilant regarding the implications for international energy markets. As I discussed with President Trump yesterday, we are ready to coordinate among like-minded partners to safeguard market stability. Finally, recent events have underscored the increasing interlinkage between the conflicts in Europe on one hand and the Middle East on the other. Today, the same types of Iranian-designed and made drones and ballistic missiles are indiscriminately hitting cities in Ukraine and Israel. These threats need to be addressed together.
My final point is on maintaining the strength of the G7. Almost 50 years on, the G7 has proven its worth as a global leadership forum. Its relevance over the next 50 will depend on our ability to stay united and remain attractive. This year, we are joined by Brazil, India, South Africa, South Korea, Australia, and Mexico. Europe already has strong ties with each of them.
We are - and will remain - firm believers in democracy, openness, and outreach.
To conclude, let me go back to 2002 for a second. Yes, the world was different. The G7 - then G8 - was different. And the European Union itself was different. Back then, we were expanding from within but were less focused on our geopolitical clout. Two decades on, Europe fully plays its role on the international stage today. Ready to shape what comes next, with our closest partners.
Thank you.