G7 Ministers Collaborate to Combat Economic Coercion

At a recent online meeting of Group of Seven trade ministers, officials expressed “serious concern” over the use of economic coercion and discussed potential responses. They vowed to find collective solutions to prevent potential harms resulting from such measures and cooperate with “other like-minded partners” to bolster resilience against them. This comes at a time when the United States is looking to counter Chinese influence and diminish reliance on Beijing.

Prime Minister Fumio Kishida will be hosting the annual G-7 summit in Hiroshima next month, where security concerns surrounding China likely will be a major topic. Japan has also recently put in place measures on exporting technology used in high-end semiconductor production, which may imply tensions between the two nations.

Yasutoshi Nishimura, Japan’s minister for Economy, Trade and Industry, commented on the need to demonstrate the G-7’s willingness to take collective action against economic coercion. He stated that both governments and industries should be prepared to work together.

People:
Fumio Kishida is the Prime Minister of Japan and the host of the upcoming G-7 Summit in Hiroshima. He has been an avid promoter of free market economics during his time in politics and is a prominent figure in Japanese politics.

Yasutoshi Nishimura is the Japanese minister for Economy, Trade and Industry and was in attendance at the G-7 online meeting. He is the main proponent of more stringent export controls for high-end semiconductors and has stressed the need for governments and industries to work together in the face of economic coercion.

Company:
The Group of Seven, or G-7, is an international intergovernmental organization that comprises the governments of seven of the world’s largest economic powers. The G-7 countries are the United States, the United Kingdom, France, Germany, Italy, Japan, and Canada. The organization focuses on addressing key economic issues such as globalisation, finance and monetary policy, development, and trade. They also strongly support environmental protections and combatting climate change.