The G7 will take action against countries that use their economic power to exert political influence. “Attempts to weaponize economic dependency” “will fail and will be followed through,” members said in a joint statement. China is not explicitly mentioned, but in another G7 statement it is associated with this type of ‘economic coercion’.
The seven countries, including Japan, the United States and the United Kingdom, and the European Union say there has been a “disturbing increase” in economic coercion. Both the G7 members themselves “and partners from all over the world” are interested, according to the statement. It is bad for world trade, reduces the ability of countries to make their own decisions and would ultimately even undermine “global security and stability”.
G7 members say they will make new and better plans to respond to this and also to work better together. There will also be a new partnership (the Coordination Platform on Economic Coercion) that will exchange information and respond to this economic coercion. Such a platform must also work together to support the targeted countries.
Good alternative
European Commission President Ursula von der Leyen said she believed Western countries could be a good alternative to China and Russia. The New Silk Road, with which China hopes to boost trade between Asia and Africa, seemed to many countries “a good economic offer,” she says von der Leyen. Basically, she says.
“They took out Chinese loans and ended up in a debt crisis. All that Russia has to offer these countries are weapons and mercenaries,” said the chairman of the commission. Von der Leyen says he wants to establish win-win partnerships with these countries. “But we have to act quickly and be concrete.”
Joint statement
The G7 also issued a joint statement on China. He says they don’t want to separate from China and also don’t want to turn “inward”. Countries say they recognize that “economic resilience requires risk reduction and diversification”. The countries say they will reduce “excessive dependencies in our essential supply chains”. According to the G7, China is disrupting the global economy with its policies.
Source: BNR
Sharon Rock is an author and journalist who writes for 24 News Globe. She has a passion for learning about different cultures and understanding the complexities of the world. With a talent for explaining complex global issues in an accessible and engaging way, Sharon has become a respected voice in the field of world news journalism.
