G7 Foreign Ministers Take a Strong Stance Toward China on Taiwan
March 15, 2025, 2:10 pm

G7 Foreign Ministers Take a Strong Stance Toward China on Taiwan

مجموعة السبع

G7 foreign ministers have taken a firm stance against China, intensifying their rhetoric regarding Taiwan and omitting some conciliatory references used in previous statements, including the "One China" policy.

In a joint statement released yesterday, Friday, by the ministers who met in Canada, they renewed their condemnation of the use of "coercion" against Taiwan, referencing a joint statement between Japan and the United States from February. The statement also expressed concern about China's increasing nuclear capabilities but did not address human rights violations in Xinjiang, Tibet, and Hong Kong.

When comparing the current statement with that of the foreign ministers in November, it lacks references that express the desire to establish "constructive and stable relations with China." The new statement also disregards assurances made in the November statement about not changing the fundamental stance of the G7 countries regarding Taiwan, including commitments to the One China policy, as well as the importance of China in global trade.

The One China policy, which recognizes Beijing as the seat of the official government, has been the fundamental premise for Western dealings with China and Taiwan for decades. The ministers, in another reference to Taiwan, which China considers a breakaway province, emphasized the necessity of "peaceful resolution of issues across the Taiwan Strait," asserting their opposition to any unilateral attempts to change the status quo by force or coercion.

In his comments, Chinese Foreign Ministry spokesperson Zhao Lijian stated that China "strongly opposes the G7 actions that harm China's sovereignty," adding that "the key to maintaining peace and stability across the Taiwan Strait is adherence to the One China principle."

The members also expressed concern about Chinese policies and practices that do not align with market performance, noting that they lead to surpluses that are not beneficial to the market and cause imbalances. They called on Beijing to refrain from implementing export control measures that could lead to significant disruptions in supply chains.

The Chinese embassy in Canada responded, deeming the accusations from the G7 "baseless," stating that "it is the G7 members who are weaponizing economic and trade issues."

Child Killed Due to Gunfire Amidst the Chaos of Arms in Syria Ahmad al-Shara Receives Delegation from the International Union of Muslim Scholars Listed as a Terrorist Organization

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.