Japan’s Takaichi to Unveil 3 Energy Security Principles at G7

Tokyo, June 11 (Jiji Press)–Japanese Prime Minister Sanae Takaichi said Thursday that she will propose three principles on energy security at the three-day summit of the Group of Seven major industrialized countries in France from Monday. With the proposal, Takaichi aims to seek support from Japan’s G7 partners for its Partnership on Wide Energy and Resources Resilience, or POWERR Asia, initiative, which is aimed at supporting Asian countries facing difficulties procuring crude oil amid Middle East tensions. She will also call for cooperation in helping more countries increase their oil reserves. “I will propose the three principles as an initiative that should be promoted under the leadership of the G7 nations,” Takaichi said at Thursday’s ministerial meeting on responses to the Middle East situation. Takaichi aims to reflect the proposal in an outcome document at the G7 summit in Evian, eastern France. The three principles are ensuring free and transparent trade, supporting efforts to increase oil reserves in cooperation with the International Energy Agency and fostering cooperation between oil-producing and consuming countries. At the G7 summit, Japan aims to forge an agreement on the importance of ensuring free and safe navigation through the Strait of Hormuz, a critical waterway for Middle East oil. The country also hopes to facilitate G7 cooperation to strengthen the resilience of energy supply chains, including securing alternative sources of supply in the event of export restrictions. The G7 comprises Britain, Canada, France, Germany, Italy, Japan and the United States plus the European Union. END [Copyright The Jiji Press, Ltd.]