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G7 trade ministers adopt statement opposing economic coercion NHK

Trade ministers from the Group of Seven nations have called for immediately ending measures that unnecessarily restrict trade.

The ministers adopted a statement before wrapping up their two-day meeting in the western Japanese city of Osaka on Sunday.

Their discussions centered on such issues as how to respond to "economic coercion," which is used to pressure trading partners by restricting trade or raising tariffs.

In the statement, the ministers said they "strongly call for the immediate repeal of any such measures that unnecessarily restrict trade, including the newly introduced import restrictions on Japanese food products."

This comes after China suspended imports of Japanese seafood products following the release of treated and diluted water into the sea from the Fukushima Daiichi nuclear power plant.

This is the first time that calls for retracting the ban have been incorporated in the outcome document of an international conference.

The statement also denounces actions to "weaponize economic dependencies." It says the G7 members will accelerate coordination with non-G7 countries to bolster supply chains of semiconductors and critical minerals, including lithium, a key component for EV batteries.

The document also emphasizes the G7's continued cooperation in ensuring fair competition. It vows to build more robust international rules and standards in a bid to counter protectionism and other market-distorting measures.

The statement also touches on the issue of reforming the dispute settlement system of the World Trade Organization. It says the ministers will deepen their discussions on this topic with an eye to a WTO ministerial meeting in February next year.
Summary
G7 trade ministers call for immediate end to unnecessary trade restrictions, specifically referencing import bans on Japanese food products in response to China's suspension of seafood imports. The ministers also condemn economic coercion and the weaponization of economic dependencies, promising
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ID: ebedc76c-35a4-4b65-bf75-b5fede6408f6

Category ID: nhk

URL: https://www3.nhk.or.jp/nhkworld/en/news/20231029_12/

Date: Oct. 29, 2023

Created: 2023/10/30 09:05

Updated: 2025/12/08 22:04

Last Read: 2023/10/30 10:33