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G7 leaders promote ‘economic security statement’ targeting China

G7 leaders promote ‘economic security statement’ targeting China

Posted May. 15, 2023 07:58,   

Updated May. 15, 2023 07:58


The leaders of the G7 countries are expected to adopt an economic security statement targeting China during the summit from Friday to Sunday in Hiroshima, Japan. The U.S., in particular, is ramping up its efforts to contain China and is looking to establish a system to confront what it sees as China's “non-market practices.” One interpretation is that the U.S. wants to create a multilateral economic security consultative body that would work together to counter China's economic retaliation against countries such as the U.S., Korea, and Japan. Some believe the U.S. may request that its allies, such as Korea, participate in public checks to intensify their cooperation.

An official from the Biden administration reportedly told Reuters on Friday, “The leaders of the G7 countries will express concern about China's economic coercion in a statement, which will include ways to counter any countries responsible for it.” This means that a separate economic security statement will be adopted at the summit in addition to the usual joint statement.

The official said the economic security statement would outline specific plans for joint efforts to coordinate and adjust countermeasures against China's economic coercion.

This year's G7 Summit will be attended by President Yoon Suk Yeol and major U.S. allies and partners in Asia, such as India, Australia, South American “leader” Brazil, Vietnam, Indonesia, the African Union, and Pacific Islands Forum (PIF) representatives. This broader participation suggests that the summit aims to involve representative countries from each continent and the G7 in addressing China's influence and activities.