G8 Summit in Camp David: The Summit Emphasized the "Back to Basics" Approach and the Leaders Had Frank Discussions on Various Agenda Such as the Global Economy and Regional Issues.

May 18-19, 2012

On May 18 and 19, the G8 Summit was held in Camp David, the United States, where Prime Minister Yoshihiko Noda attended from Japan. As the Chair, the United States held the summit at the President's country retreat, emphasizing back to the basics of the G8 Summit. A detailed exchange of views was carried out among leaders on a broad range of political and economic issues.

Japan mainly discussed the following points at the Summit:

(1) Regional and Political Issues

Discussion was held concerning Iran, Syria, North Korea, Myanmar, and others. Regarding Iran, Prime Minister Noda noted that imports of Iranian crude oil to Japan have been reduced despite the difficult circumstances caused by the Great East Japan Earthquake, and expressed his hope that progress will be made through each and every effort by the EU 3+3, IAEA, and other entities. Concerning North Korea, he stated that the international community should make clear that any wrongdoing will not be rewarded, and that the international community, including the G8, should convey their united and firm resolve to North Korea in order to prevent further provocations. Prime Minister Noda also asked for the continued support of each G8 nation on the abduction issue.

(2) The Global Economy

During discussions on the response to the resurging European debt crisis and the importance of achieving fiscal consolidation while also maintaining economic growth, Japan explained that Japan has contributed to the resolution of the crisis and prevention of its spread into Asia such as by strengthening the IMF resources and enhancing the Chiang Mai Initiative. In addition, Japan stated that achieving both fiscal consolidation and economic growth is important for Japan as well and explained the initiatives on the comprehensive reform of social security and tax. Japan also affirmed the necessity of promoting free trade as a driver for growth, efforts on promoting economic partnerships, and the importance of avoiding protectionism.

(3) Africa and Food Security

Together with the African leaders and the private sector participants, the Leaders discussed the "New Alliance" aimed at stimulating private sector investment to improve food security in Africa. Japan expressed its determination to make next year's TICAD V a success based on the outcomes of TICAD IV. In this regard, Japan intends to further enhance cooperation with United Kingdom, the G8 Chair next year.

(4) Afghanistan's Economic Transition

Japan explained the importance of a mutual commitment between the international community and the government of Afghanistan, the necessity of improving governance in Afghanistan, the establishment of biennial review mechanisms, and other issues regarding Tokyo Conference on Afghanistan in July. The G8 confirmed to provide political support for the Conference.

At this Summit, the "G8 Camp David Summit Declaration", "Fact Sheet on G8 Actions", and the "Statement by G8 Leaders on Global Oil Markets" were issued respectively.