G7: Economic coercion from other countries must have consequences

HIROSHIMA (Reuters) – The Group of Seven (G7) wants to continue working with China but believes there are too many risks for the country “which disrupt the global economy”. Countries want to “invest in our economic vitality”. In an earlier statement, the leaders said they do indeed want action against all countries that use “economic coercion”.

The seven countries, including Japan, Germany, the United Kingdom and the United States, as well as the European Union, say there is an “alarming increase” in economic coercion around the world. This means that states sometimes occupy an indispensable position in certain economic processes and use that power to exercise political influence. China is not explicitly mentioned, but it is related to these practices in a second statement.

The G7 believes that economic coercion is harmful to global trade, detracts from countries’ ability to make their own decisions, and ultimately undermines “global security and stability.” Attempts to weaponize economic dependence will fail and will be pursued.

partnership

To combat economic coercion, the G7 has announced a new partnership: the Coordination Platform on Economic Coercion. This should share information, support countries under pressure, and ensure that joint action can be taken.

According to European Commission President Ursula von der Leyen, economic cooperation can also be a “win-win cooperation”. She says that Western countries can be a good alternative to China and Russia.

New Silk Road

Von der Leyen cites the New Silk Road as an example, through which China hopes to boost trade between Asia and Africa. For many countries this looked like a “good and cheap proposition”, but in practice this is disappointing.

China says it firmly opposes the G7’s remarks and has lodged a complaint with host country Japan. The Chinese Ministry of Foreign Affairs said that the G7 countries are interfering in China’s internal affairs. The anger of the Chinese is not only related to allegations of economic coercion, but also the G7 criticism of China’s claim to Taiwan and its handling of human rights. He accused a G7 spokesman of “defamation and attack” on China.

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