G7 turns to Global South to boost supplies and counter economic pressure

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G7 turns to Global South to boost supplies and counter economic pressure

Los G7 Trade Ministers They pledged today to strengthen ties with other powers to diversify and strengthen supply chains, thus combating potential coercive practices across the economy. “Supply chain resilience cannot be achieved in isolation,” said industry leaders. Germany, Canada, USA, France, Italy, Japan and UK It was adopted in their joint statement this Sunday after two days of meetings in the Japanese cities of Osaka and Sakai.

For the first time, representatives of foreign countries participated in the debates – members of Australia, so-called members Global South (Chile, India, Indonesia and Kenya)– and private companies, as part of the provision A group of seven “Accelerating its cooperation with an even larger part of the international community to combat the use of economic dependence as a weapon.

“Through our conversations with partners outside the G7, we underscore the role that trade can play in simultaneously contributing to inclusive global economic growth and promoting resilient supply chains by expanding mutually beneficial economic opportunities,” the text said. “The Global South shares this view,” Japanese Economy, Trade and Industry Minister Yasutoshi Nishimura told a press conference at the end of the meeting, in which he highlighted the countries’ growing presence on the global stage. “It will play a very important role” in maintaining fair trade, he said.

In addition Supply chainThe other central point of the declaration states Economic coercionThe practices of some powers to use their position of power to pressure other countries in trade relations and the G7 leaders have already emphasized at their summit in May.

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In the declaration, the bloc’s trade ministers rejected actions that “weaponize economic dependence”. Strengthen your efforts to diversify access to key material supply such as Important minerals (Essential for energy conversion), The semiconductors or batteriesIn some specific examples.

A warning to China

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“A transparent, predictable and stable business environment without the threat of non-market policies and practices or economic coercion is essential for a fair and productive global economy,” they added. The document clearly mentions such procedures Subsidies “harm the free market”Certain activities of government-owned enterprises and in any form Compulsory technology transferIn an indirect reference to some of the recent ones Security measures adopted by China. “Such policies and practices distort fair global competitiveness, trade and investment, and have a particularly negative impact on industrial development in emerging economies and developing countries,” the letter highlighted.

With this in mind, members of the G7 are committed to working with their international partners to use existing tools or develop new ones to counter these practices. Plays an important role in design Adoption of agreed international rules and regulations for this purpose.

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