The G7 has rejected this Saturday the use “as a weapon” of export strengths and the instrumentalization of “economic coercion” as a political tool, in a statement with China’s dominance in mind. “We will work together to ensure that attempts to weaponize economic dependencies by forcing G7 members and our partners, including small economies, to comply and adapt, fail and face consequences,” the powers have said. it’s a statement.
Global governance is blurred by the fissures of the G7 and the push of the BRICS
The members of the G7 have 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 these practices, alluding 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) have committed to addressing and countering policies and practices “designed to strengthen dependencies,” because “ undermine the functioning and confidence in the multilateral trading system”. In this sense, the leaders of these powers have promised to review existing measures at the national level, their effectiveness, and develop new ones to effectively address the problem.
With Beijing in mind
At the international level, the G7 has announced the creation together with the World Trade Organization (WTO) of the “Economic Coercion Coordination Platform”, 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 have reiterated their desire to immerse themselves in negotiations to create “more resilient” supply chains, given the high dependence of certain powers on the provision of certain 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 strengths on the issue and contribute to a greater diversification of supply chains.
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 has shown its desire to seek countermeasures against “malicious” practices in the digital sphere and protect commercial and private activities from espionage and leaks.