G7 trade ministers adopt statement opposing economic coercion

Oct 30, 2023 | News On Japan

OSAKA - Trade ministers from the Group of Seven nations have called for immediately ending measures that unnecessarily restrict trade.

The ministers adopted a statement before wrapping up their two-day meeting in the western Japanese city of Osaka on Sunday.

Their discussions centered on such issues as how to respond to "economic coercion," which is used to pressure trading partners by restricting trade or raising tariffs.

In the statement, the ministers said they "strongly call for the immediate repeal of any such measures that unnecessarily restrict trade, including the newly introduced import restrictions on Japanese food products."

This comes after China suspended imports of Japanese seafood products following the release of treated and diluted water into the sea from the Fukushima Daiichi nuclear power plant.

This is the first time that calls for retracting the ban have been incorporated in the outcome document of an international conference.

For the first time at a #G7 Trade Ministers' Meeting, an outreach session was held today. #meti_minister Nishimura discussed supply chain resilience with representatives from G7 members, invited countries, international organizations, and private companies. pic.twitter.com/FVVEX6CTrm
— METI, Japan (@METI_JPN) October 29, 2023

The statement also denounces actions to "weaponize economic dependencies." It says the G7 members will accelerate coordination with non-G7 countries to bolster supply chains of semiconductors and critical minerals, including lithium, a key component for EV batteries. ...continue reading

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