G7 Ready to Take Actions against Economic Coercion: Communique

Paris, May 6 (Jiji Press)–Trade ministers from the Group of Seven major industrialized countries indicated their readiness to take actions against economic coercion, in a joint communique adopted at their meeting in Paris on Wednesday. “We express our grave concerns regarding economic coercion,” the communique said, apparently in light of China’s controls on exports of rare earth materials, for which the country holds a dominant share in the global market. “We seek to deter and stand ready to take actions, where necessary, against economic coercion.” Japanese trade minister Ryosei Akazawa attended the meeting, in which the G7 ministers discussed ways to enhance the resilience of critical mineral supply chains. While the ministers did not mention China by name in the communique, French trade minister Nicolas Forissier told reporters that it is an urgent challenge to ensure that a particular country dominating the mining and refining of rare earths does not pose a threat to other countries. France holds this year’s G7 presidency. “We reaffirm that resilient and reliable supply chains are essential to economic security,” the communique stated. “We will work together with partners to reduce critical dependencies and that attempts or threats to weaponize economic dependencies will fail.” As concrete measures, the G7 will consider the feasibility of joint procurement of minerals and the introduction of a minimum pricing system based on fair value. China has faced criticism in Europe and the United States for providing massive subsidies that have led to the overproduction of electric vehicles and other goods, thereby distorting market competition. The G7 trade ministers criticized such policies and practices. In a press conference after the G7 meeting, Akazawa said that the ministers reaffirmed their recognition that no country should be allowed to disrupt supply chains through economic coercion. “We, as the G7, were able to demonstrate our solidarity amid a volatile international situation,” including developments in the Middle East, he added. The G7 groups Britain, Canada, France, Germany, Italy, Japan and the United States plus the European Union. END [Copyright The Jiji Press, Ltd.]