The U.S. drew an agreement among G7 countries for a large-scale global infrastructure investment project to hold China’s “One Belt, One Road project” in check. It is an attempt to unify allies in the Western world to stand against China’s expanding “economic territory”’ through a large-scale external economic cooperation scheme.
According to the White House, heads of G7 countries including U.S. President Joe Biden agreed to invest on the global infrastructure at the G7 summit held in Cornwall, the U.K. on Saturday (local time). The project is called “B3W (Build Back Better World),” which was named after Biden’s presidential campaign “Build Back Better.” It is garnering attention as it is the first alternative of advanced countries against China’s project.
President Moon Jae-in who participated in the summit as an invited country met Japanese Prime Minister Yoshihide Suga for the first time at the Carbis Bay hotel in Cornwall before the first session of the summit under the theme of responding to COVID-19, but only exchanged greetings. A side meeting between Korea, Japan and the U.S. did not happen as Cheong Wa Dae expected. Cheong Wa Dae had left the door open for a pull-aside meeting with Japan at the G7 summit.