NATO Allies agree to raise defense spending
NATO Allies have committed to investing 5% of their GDP annually in core defense spending by 2035, Kazinform News Agency reports
In the final Declaration of the Summit in the Hague, NATO leaders said that defense commitments will comprise two essential categories of defense investment.
“Allies will allocate at least 3.5% of GDP annually based on the agreed definition of NATO defense expenditure by 2035 to resource core defense requirements, and to meet the NATO Capability Targets. Allies agree to submit annual plans showing a credible, incremental path to reach this goal,” the Declaration reads.
In addition, according to the document, the Allies will account for up to 1.5% of GDP annually “to inter alia protect critical infrastructure, defend networks, ensure civil preparedness and resilience, unleash innovation, and strengthen defense industrial base.”
Earlier it was reported that South Korean President decided to skip NATO summit due to domestic issues and Middle East crisis.
