The G7 intends to develop a coordination platform to counter economic coercion, the UK government has said. Prime Minister Rishi Sunak will present the UK’s plan at a G7 meeting on economic security.
Among the “hostile activities” for the global economy include the impact of the “Russian takeover” of Europe’s gas supply last year, and the way China “used its economic power to force countries, including Australia and Lithuania, to make political decisions”.
Britain will call on the G7 and other international partners to coordinate action against unfair and coercive trading practices to avoid a costly zero-sum game that could hamper collective growth prospects and technological innovation, according to the report.
Prime Minister Sunak also intends to stress the vital importance of coordinated approaches to protect “the exploitation of advanced technologies for authoritarian purposes” while retaining all the benefits of efficient and innovative free markets and open trade.
Earlier, the United States announced new sanctions against Russian, Armenian and Kyrgyz companies. The UK has imposed sanctions on 86 legal and natural persons from Russia.
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