Leaders of the Group of Seven (G7) wrapped up their two-day summit on Monday with a pledge to take actions on issues ranging from climate change, world trade to the Ukraine conflict and the fight against terrorism.

German Chancellor Angela Merkel (3rd R) and U.S. President Barack Obama (2nd R) talk during the G7 summit at the Elmau Castle near Garmisch-Partenkirchen, southern Germany, on June 8, 2015. G7 summit concluded here on June 8. [Photo/Xinhua]

Agreements achieved on the issue of climate change have drawn the most attention, with the G7 countries committing to fill a gap of financial support to developing countries for addressing climate change and declaring to seek global decarbonization within this century.

In a joint declaration issued after the summit which took place in the German town of Garmisch-Partenkirchen, the heads of state and government of Canada, France, German, Italy, Japan, Britain and the United States said they would seek a global decarbonization within this century and to reduce global carbon emissions by 40 to 70 percent by 2050 compared to 2010 levels, asking "all parties" to share the task.

For the G7 part, the leaders declared that their countries would strive for a transformation of their energy sectors by 2050 as well as develop long term national low-carbon strategies.

The group also reaffirmed commitment to continue its efforts to meet the target of providing 100 billion U.S. dollars a year by 2020 to developing countries to help them deal with climate change.

The fund, however, would not only come from public sector, the main source required by developing countries, but would also include private money.

Speaking of the conflict in Ukraine, another hot topic at this year's summit, the G7 expressed concerns over the recent increase in fighting in the country's eastern regions, and urged all sides to fully respect and implement the ceasefire and withdraw heavy weapons.

Leaders of the seven industrialized countries reiterated their full support for efforts to find a diplomatic solution to the conflict in Ukraine, renewing calls for a full implementation of the Minsk agreements signed in February 2015.

They called on the Ukrainian government to "decisively continue the necessary fundamental transformation in line with IMF and EU commitments," and promised further financial and technical support for Ukraine's reform efforts.

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, U.S. 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.

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