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The G7 focuses on China and rejects the use of “economic coercion” as a goal

Date: February 28, 2024 Time: 18:16:22

The G7 stands before the dominance of China and has rejected this Saturday the use “as a weapon” of export strengths and the instrumentalization of “economic coercion” as political tools. “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 said in a statement containing Eph.

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 fu US government entities. The Group of Seven (Canada, France, Germany, Italy, Japan, the United Kingdom and the United States) and the European Union (EU) pledged to address and counteract policies and practices “designed to strengthen dependencies” because they “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. At the international level, the G7 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 the same.

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 immerse themselves in negotiations to create “more resilient” supply chains, given the high dependence of certain powers on the provision of certain components, a special problem that became apparent during the logistical problems experienced during the pandemic.

Supply chain problems were “devastating” for emerging powers, which the G7 called on to build their own fortresses on the issue and contribute to further diversification of supply chains.

Among other issues that the G7 expressed concern about were regulations that “unjustifiably require” that companies provide location information or those that allowed 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.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.
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