Leaders today agreed on a new initiative to tackle what they called “economic coercion”, and pledged to take action to ensure the failure of any attempt at any part of weaponizing economic dependence and dealing with the consequences.
“Attempts to weaponize economic dependencies by forcing G7 members and our partners, including smaller economies, to respond and comply will fail and face consequences,” the group said in a statement, which did not mention directly from China.
Earlier on Saturday, US national security adviser Jake Sullivan said the G7 would agree on a “common set of tools” to combat economic “coercion” and reduce the risk that high-tech exports to China undermine national security.
The leaders said in a statement that the initiative, dubbed the Economic Coercion Coordination Program, will utilize early warning and high-speed information sharing on economic coercion, with members meeting regularly for consultation.
“The world is witnessing an alarming increase in incidents of economic coercion that seek to exploit economic vulnerabilities,” the G7 leaders’ statement said after a meeting in Hiroshima, Japan.
Although the statement did not mention China, the British government indicated, in details published on Friday which outline the details of the proposed initiative, China’s attempts to use its economic power in political disputes with Austria. and Lithuania.
The declaration also committed G7 leaders to deepen cooperation in strengthening supply chains and called for a greater role for low-income countries in supporting economic resilience.
The declaration urges all countries to adhere to the principles of “transparency, diversity, security, sustainability, trust and reliability”.
The group also agreed to deepen cooperation in information sharing in anticipation of setting new standards for next-generation technologies.
China responds
For its part, the Chinese Embassy in Britain today, Saturday, warned G7 countries that any words or actions that undermine Beijing’s interests will be met with “strong and firm countermeasures”.
The G7 leaders said in their joint statement that they do not want to harm China and seek “constructive and stable relations” with Beijing, “recognizing the importance of dealing frankly with China and expressing our concerns directly”.
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