Japan to propose energy security principles at G7 Summit

Tokyo (ANTARA) - Japanese Prime Minister Sanae Takaichi plans to propose three principles to strengthen global energy security during the Group of Seven (G7) Summit in France next week, amidst current tensions in the Middle East that have heightened concerns regarding oil availability.

A source stated on Thursday that the three principles consist of managing free and transparent energy trade, supporting larger strategic oil reserves, and promoting closer cooperation between several oil-producing nations and oil-consuming nations.

Japan hopes this initiative can help achieve a mutual understanding among G7 leaders regarding the necessity of energy supply safety nets amidst increasing geopolitical risks.

The proposal is also intended to expand international support for a Japanese-proposed funding framework named the Asia Wide-scale Energy and Resource Security Partnership.

This partnership is designed to assist Asian nations in securing stable oil supplies.

Takaichi is scheduled to present these three principles during a session on energy security and the economy at the Summit, which is set to open on Monday (15/6).