The trade ministers of the seven leading industrialised countries (Japan, Canada, France, Germany, Italy, the United Kingdom and the United States) met in Osaka, Japan, from 28 to 30 October. The European Commissioner for Trade, Valdis Dombrovskis, was also present at the third high-level economic dialogue between the European Union and Japan (see other news).
In the joint statement issued at the end of the summit, the seven ministers reiterated their commitment to tackling the current “challenges” weighing on world trade, following on from the previous summit held on 4 April.
“We will redouble our efforts to tackle them by maintaining a free and fair trading system based on the rule of law, and enhancing economic resilience and economic security, bearing in mind the underlying need for fair competition in international trade relationships”, they write in the preamble.
Without being directly named, China and Russia are at the heart of these conclusions, which denounce acts of economic coercion and unfair trade practices on the world market.
For example, the ministers of the seven powers are calling for “the immediate repeal of all measures that unnecessarily restrict trade”, in particular imports of Japanese food products, which have been suspended by Moscow and Beijing following Tokyo’s discharge of water from the Fukushima power station into the sea.
In connection with the need for both Europe and the United States to reduce their dependence on Russia and China, the G7 ministers stressed the “need to continue efforts to build resilient and reliable supply chains for essential goods, such as critical minerals, semiconductors and batteries”. Link to the G7 statement: https://aeur.eu/f/9bt (Original version in French by Isalia Stieffatre)