Meeting in Hiroshima from 19 to 21 May, G7 leaders announced the launch of a coordination platform against economic coercion. This is to be used “to increase our collective assessment, preparedness, deterrence and response to economic coercion, and further promote cooperation with partners beyond the G7”, according to the joint statement issued on 20 May.
Without mentioning any particular country or countries, G7 leaders expressed concern about uncompetitive policies such as harmful industrial subsidies or forced technology transfer. These practices should not be left without consequences, according to them.
The President of the European Council, Charles Michel, mentioned China in his opening address. “We must re-balance our trade relationship — and create a true level playing field for our companies and for our workers”, he said.
At the G7 level, the Cooperation Platform on Economic Coercion should allow for information exchanges, consultations, joint analysis and the exploration of coordinated responses to deter coercion.
On the other hand, trade flows of certain sensitive technologies that could threaten international security should also be monitored, the G7 leaders said in their statement. The EU has, for example, repeatedly indicated that it wants to increase controls on outward investment and exports related to sensitive technologies (see EUROPE 13182/23).
See the G7 joint statement: https://aeur.eu/f/6zo (Original version in French by Léa Marchal)