Statement by President von der Leyen at the joint press conference with President Costa ahead of the G7 Summit

Good afternoon, let me begin by thanking Prime Minister Carney and the Canadian Presidency for the very warm welcome. And let me join all those who express their solidarity with Canada fighting the devastating wildfires. Kananaskis is indeed a stunning place – with history. In 2002, the G7 met here as the G8. Russia was still at the table and was seemingly seeking closer ties with the West. What we saw then as a chance for peace turned out to be a vast illusion. Two decades later, the world stands at an inflection point. We are confronted with wars, wars we thought were consigned 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 at the same time. The world's largest democracies and largest industrial economies are gathered here today. Willing to talk – and talk openly – together. And ready to act – act decisively – together. And I would like to focus tonight on four key priorities that I see 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 of course the Russia-induced energy crisis. Today, trade tensions persist. The risks are no longer abstract.

They are material, and mounting. When companies are not sure what conditions they will face tomorrow, they delay investment today. When households expect price hikes, they stop spending. So we need a frank discussion among the G7 partners. Restoring a sense of stability and predictability among ourselves, that is the first priority. We are so deeply connected, which means also that risks must be managed together. Because tariffs, for example, do not just impact exporters. They are like taxes, paid by families and businesses in importing countries. So let us keep trade between us fair, predictable and open. All of us need to avoid protectionist measures. This is an important message that the G7 can send to the markets and to the world. And let us stay focused, together, on the real and the structural challenges that demand our entire attention.

This brings me to my second point: economic security. It is a challenge 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. And bring an end to the era of globalism without guardrails. So we must diversify and strengthen our supply chains in raw materials. To this end 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, together, non-market policies and practices. This will also be an important discussion of tomorrow.

My third point, moving from the geoeconomics to the geopolitics we will start with the topics of Ukraine. President Zelenskyy will be joining us the day after tomorrow. He has shown the 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 G7 and EU sanctions combined, for example Russian oil and gas revenues have fallen by almost 80% since the beginning of the war. So the sanctions are working. And we will do more. Last week, we put forward a proposal for an 18th sanctions package. I will invite all G7 partners to join us in this endeavour. And Europe is committed to putting Ukraine in a position of strength. So far, the EU and its Member States have mobilised 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 with deep concern the situation, following Israel's strikes on Iran and the Iranian response. I spoke with Prime Minister Netanyahu today. I reiterated Europe's 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 Iran's nuclear and ballistic missile programs. A diplomatic solution remains the best way in the long run to address concerns about Iran's nuclear programme. And 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 to the implications for international energy markets is concerned. As I discussed with President Trump yesterday, we are ready to coordinate among like-minded partners to safeguard market stability. And finally, the recent events have underlined in the increasing interlinkage between the conflicts in Europe on one hand and the Middle East on the other hand. Today the same type of Iranian designed and made drones and ballistic missiles are indiscriminately hitting cities in Ukraine and Israel. As such, 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 both 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 less focused on our geopolitical clout. Two decades on, today Europe fully plays its role on the international stage. Ready to shape what comes next, with our closest partners.

Thank you.