G7 summit wraps up with pledge over climate, terrorism

German Chancellor Angela Merkel poses with US President Barack Obama and other G7 participants for a family picture at the G7 summit at the Elmau castle in Kruen near Garmisch-Partenkirchen, Germany, June 8, 2015. [Photo/Agencies]

As for the sanctions policy, the G7 group said it is linked to "complete implementation of the Minsk agreements and respect for Ukraine's sovereignty," adding that further restrictive measures could be possible if needed.

Speaking at a press conference after the summit, US President Barack Obama said there had been some discussions about what steps might be taken if the situation in Ukraine escalates, pointing out at the same time that G7 leaders hope the Ukraine conflict could be solved without imposing further sanctions.

In the traditional area of economic issues, the G7 countries welcomed progress on major ongoing trade negotiations, including the Transatlantic Trade and Investment Partnership (TTIP) between the EU and the United States.

"We will immediately accelerate work on all TTIP issues, ensuring progress in all the elements of the negotiations, with the goal of finalizing understandings on the outline of an agreement as soon as possible, preferably by the end of this year, " said their joint statement.

The G7 leaders also vowed to help improve working conditions and environmental protection in global supply chains.

In this regard, they expressed support for a "Vision Zero Fund" to be established, with the aim of preventing and reducing workplace-related deaths and serious injuries by strengthening public frameworks and establishing sustainable business practices.

With respect to terrorism, the leaders noted that the fight against terrorism and terrorist financing is a major priority for the G7, and the group will strengthen its coordinated action in this area.

In particular, they reaffirmed commitment to effectively implement the established international framework for the freezing of terrorists' assets, promising to facilitate cross-border freezing requests among G7 countries.

Besides, they agreed to take further actions to ensure greater transparency of all financial flows, including through an appropriate regulation of virtual currencies and other new payment methods.

Talking about the strategy against the Islamic State, Obama said the international community is willing to do more to train Iraqi security forces and improve their equipment in the fight against terrorists. He also noted that more efforts should be made to stem the flow of foreign fighters, and a closer border monitoring is also needed in related countries.

Moreover, common principles have also been achieved to promote a sound international financial system, to tackle causes for refugee crises, to better respond to public health emergencies, and to boost women's entrepreneurship, etc.