G-7 trade chiefs slam weaponisation of economic dependencies
The trade ministers of the Group of Seven nations pledged to build a wider network with developing nations to ensure supply chains are resilient for key items including critical minerals, semiconductors and batteries, according to the group’s joint statement released Sunday at the conclusion of their two-day gathering in Osaka, Japan.
“We deplore actions to weaponise economic dependencies and commit to build on free, fair, and mutually beneficial economic and trade relationships, and accelerate such collaboration with the wider international community,” the group said in its joint statement.
The statement also expressed concern about economic coercion and threats, which it said were increasing in frequency and interfering with the “legitimate” actions of governments.
Although the statement didn’t specify which countries were using these tactics, China is likely one target of this language.
In recent years it has used tariffs, import bans and restrictions against Australia, Lithuania and other nations in attempts to change policies it doesn’t like or to express displeasure with actions by foreign governments.
The group had an outreach session with non-member nations — India, Indonesia, Australia, Chile and Kenya — and also met with private companies, underscoring the high priority placed on keeping supply chains secure.
“The G-7 alone can’t complete supply chains and it’s extremely important to cooperate with Global South nations whose presence and voice are increasing in the international community,” Japanese trade minister Yasutoshi Nishimura said at a press conference after the conference ended.
The pandemic-induced bottlenecks in the pipelines for chips and medical devices exposed the risks of depending too
