The NATO alliance agreed to increase defense spending from 2% to 5% of gross domestic product, by 2035. Allies will be required to submit annual plans “showing a credible, incremental path to reach this goal.” The alliance on Wednesday also reaffirmed its “ironclad commitment to collective defence” as enshrined in Article 5.
In a joint declaration, the Western military bloc said it was “united in the face of profound security threats and challen
ges,” in particular the long-term threat posed by Russia to Euro-Atlantic security and the “persistent threat” of terrorism.
Source: www.cnbc.com
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