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 at the Group of Seven (G7) summit in France next week, amid current tensions in the Middle East that are heightening concerns over 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 oil-producing and oil-consuming countries. Japan hopes the initiative can help achieve a common understanding among G7 leaders regarding the need for an energy supply safety net amidst rising geopolitical risks. The proposal is also intended to broaden international support for a Japanese-proposed funding framework called the Asia Energy and Resource Security Sector Partnership. The partnership is designed to help Asian countries secure stable oil supplies. Takaichi is scheduled to deliver the three principles during a session on energy and economic security at the summit, which opens on Monday (15/6).