Trade Ministers of the G7 countries, representing the United States, Japan, Germany, Britain, France, Italy, and Canada, held their first teleconference of the year on Tuesday to discuss export controls, economic security, and other matters.
The meeting took place days after Japan announced restrictions on the export of certain semiconductor manufacturing equipment, mirroring similar moves by the United States, aiming to slow Chinese advancement in technology and military activity.
The ministers debated supply chain resiliency and the economic coercion exerted by certain nations, without mentioning any particular countries. The G7 countries also discussed the importance of utilizing export controls as a policy means to tackle risks posed by the diversion of technology for military purposes and other activities that present danger to global, regional, and national security.
The G7 meeting is scheduled to be held in Japan in October.
The Group of Seven, or G7, is a group of seven major advanced economies that meet every year to discuss issues facing the global economy and pursue solutions. This intergovernmental organization is known for its role in providing international financial and economic stability since the late 1970s. The G7 members account for 58% of the global net wealth, representing the leaders of the world economy.
The host of the G7 meeting is Japanese Finance Minister Taro Aso, who is, according to the Japanese Foreign Ministry, deeply committed to the close collaboration of the G7 countries and “respect for rules based systems”. The emergence of global trade tensions means Minister Aso will likely prove instrumental in progressing the G7’s agenda.
