The leaders of the G7 affirmed this Saturday that any attempts at coercion in trade and supply chains will fail and face “consequences”in a clear warning to the Chinese regime for its economic practices.
“We will work together so that attempts to weaponize economic dependencies” are “doomed to fail” and have “consequences”, declared the leaders of the G7 In a statement during a summit in hiroshimaJapan.
“We express our deep concern about the economic coercion”, which not only harms international trade, but “also undermines the international order based on respect for sovereignty and the rule of law, and ultimately endangers global security and stability”, they added.
The fight against China’s attempts to use trade restriction measures for diplomatic purposes is a central theme of the meeting of the Heads of State and Government of the group of seven most industrialized democracies.
The members of the G7 expressed concern about “the disturbing increase in incidents of economic coercion that seek to exploit vulnerabilities and dependencies”, and called on all countries to refrain from exercising these practices, in an allusion to China, according to US government sources.
The Group of Seven (Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States) and the European Union (EU) committed to addressing and countering policies and practices “designed to strengthen dependencies” because “undermine the functioning of and confidence in the multilateral trading system”.
In this sense, the leaders of these powers promised to review existing measures at the national level, their effectiveness, and develop new ones to effectively address the problem.
On an international level, the G7 announced the creation together with the World Trade Organization (WTO) of the “Coordination Platform on Economic Coercion”, an initiative that seeks to increase cooperation in the analysis and solution of it.
The statement is restrained and does not expressly mention any country, but the United States has confirmed that the partners engaged in this debate with Beijing in mind.
The G7 powers reiterated their desire to plunge into negotiations to create “more resilient” supply chainsgiven the high dependence on certain powers in the supply of components, especially China, a problem that became apparent during the logistical problems experienced during the pandemic.
The problems in the supply chains were “devastating” for the emerging powers, which the G7 called on to build their own fortresses on the matter and contribute to a further diversification of supply chains.
Among other issues that the G7 expressed concern about were regulations that “unjustifiably require” companies to provide location information or those that allow governments to access data “without adequate guarantees and protections.”
The block showed its desire to seek countermeasures against “malicious” practices in the digital sphere and to protect commercial and private activities from espionage and leaks.
(With information from AFP and EFE)
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