G7 eyes summit statement targeting 'economic coercion'

Japan and its Group of Seven partners are set to make clear their commitment to countering "economic coercion" in a statement to be announced by leaders during the upcoming Hiroshima Summit.

The section includes working together with developing countries and other non-G7 partners to advance a range of policies regarding global economic recovery and security.

It also includes the G7's commitment to countering "economic coercion," in an apparent bid to keep China in check. The move refers to an imposition of pressure by a country on its target through such steps as export restrictions. The G7 countries are expected to stress the need to provide support to targeted nations or organizations.

The draft also includes a pledge to build robust and sustainable supply chains to ensure stable supplies of key mineral resources and their products. This is part of efforts to facilitate a shift to clean energy.

Japanese government officials say that apart from the leaders' statement, an outcome document on economic security will likely be released during the gathering.

Source: https://www3.nhk.or.jp/nhkworld/en/news/20230516_01/