Japanese Minister of Economy, Trade and Industry Yasutoshi Nishimura told reporters that he hopes to consolidate the cooperation of the Group of Seven countries and jointly fight against the threat of economic coercion.

(picture taken from Nikkei News)

[Financial Channel/Comprehensive Report] The trade ministers of the Group of Seven (G7) agreed on Tuesday to cooperate on measures to deal with economic coercion (economic coercion) such as import and export restrictions and higher tariffs, and focused on China's huge influence in global trade .

The goal of the online meeting of trade ministers from various countries is to ensure free and fair trade, as well as economic security. After the meeting, Japanese Minister of Economy, Trade and Industry Yasutoshi Nishimura told reporters that he hopes to consolidate the cooperation of the Group of Seven.

Japan assumes the chairmanship of the G7 this year.

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Although the joint statement issued after the meeting did not directly name the countries, it expressed its intention to counter China's measures to restrict imports and exports and raise tariffs, and defined economic coercion as "interfering with another government's legitimate choice" The country formulates countermeasures to jointly respond to new measures.

China has increasingly used its economic clout as a diplomatic card, restricting imports of coal, wine, barley and more from Australia after Australia called for an investigation into the origins of the coronavirus pandemic.

In addition, Lithuania has also been hit by import and export restrictions due to strengthening relations with Taiwan.

In 2010, China cut off exports of vital rare earth minerals to Japan because of tensions over the Senkaku Islands.

The G7 also affirms that transparency, diversity, security, sustainability, trustworthiness and reliability are fundamental principles for building and strengthening stable supply chains.

The statement recognizes the importance of working with like-minded non-group partners, especially emerging countries, to mitigate supply chain disruptions.

The G7 leaders will issue a statement when they meet in Hiroshima in May.

Ministers also stressed the importance of respecting human rights in business activities and mentioned further cooperation in securing critical minerals.

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