G7 leaders will create coordination platform against economic pressures

The G7 leaders announced that they will create an “Economic Pressure Coordination Platform” framework to counter economic pressures.

The G7 Leaders Summit in Hiroshima, Japan continues into its second day. The leaders met in the session entitled “Economic Resilience and Economic Security.”

The leaders made a statement after the session.

In the statement, the leaders announced that they will create the new “Economic Pressure Coordination Platform” framework to enhance joint deterrence and increase responses to economic pressures.

Emphasis on Cooperation and Coordination

“We will use early warning and rapid information sharing, consult with each other regularly, assess situations collaboratively, investigate coordinated responses, deter economic pressure, and counteract where appropriate, in accordance with our relevant legal systems,” the statement said.

“We reaffirm our shared responsibility and determination to coordinate the use of the latest technologies we have developed in the development of military capabilities that threaten international peace and security,” the statement said.

PLEDGE OF COOPERATION IN THE REDUCTION OF ADDICTION

Wary of countries weaponizing economic dependence on the West and other trading partners, the leaders said in the statement: “The use of a variety of non-trade policies and practices, including pervasive, opaque and harmful industrial subsidies, practices that distort the market by state companies, and any forced transfer of technology”. We express our concerns about comprehensive strategies to

Noting that necessary measures will be taken to counter unilateral trade restrictions, the leaders pledged cooperation to reduce reliance on strategic products, including semiconductors and rare elements used in battery production. The leaders also pledged to provide energy and development assistance to growing and developing countries. (AA)