The Group of Seven has promised to cooperate to combat economic coercion in response to a “disturbing rise” in nations using trade as a weapon.
The club of affluent democracies said they will increase resilience “by reducing vulnerabilities and countering malign practices that exploit and reinforce them” in a declaration on economic security made public on the second day of the G7 meeting in Japan.
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Although China was not specifically mentioned in the G7 statement that was issued on Saturday afternoon, Western officials have been more outspoken over China’s use of trade barriers in political conflicts.
The G7 leaders said that there has been a “disturbing rise in instances of economic coercion” that aims to take advantage of economic dependence and weaknesses while undermining the positions and foreign and domestic policies of G7 members as well as partners globally.
We will cooperate to make sure that any efforts to weaponize economic reliance by pressuring G7 countries and our allies, particularly small economies, to conform and comply fail and have negative repercussions.
The G7 conference has drawn attention to China’s use of restrictive trade policies amid demands for concerted action to fight back against Beijing. Trade restrictions have recently been imposed on Japan, South Korea, Australia, and Lithuania as a result of disagreements with Beijing on subjects including the cause of the COVID-19 epidemic and Taiwan. Later on Saturday, the G7 leaders delivered a statement outlining their plan for especially handling China.
“We are neither separating or retreating. At the same time, we acknowledge that de-risking and diversification are necessary for economic resilience, according to the communiqué. “A developing China that adheres to international norms would be of interest to the entire world.”
Rahm Emanuel, the American ambassador to Japan, said on Tuesday that the G7 was “developing the tools to deter and defend against China’s economic intimidation and retaliation”.
Liz Truss, a former British prime minister, advocated for the formation of a “economic NATO” earlier this year and said that the international community should be prepared to impose severe penalties on China if Beijing takes strong action against independent Taiwan.