On Saturday, Group of Seven leaders committed to a new initiative to combat economic coercion and promised to stop anyone who tried to weaponize economic reliance.
The leaders stated that the Coordination Platform on Economic Coercion would use early warning and rapid information sharing on economic coercion and meet periodically for consultations.
“The world has encountered a disturbing rise in incidents of economic coercion that seek to exploit economic vulnerabilities,” the G7 leaders declared after meeting in Hiroshima, Japan.
The British government highlighted China’s attempts to leverage its economic influence in political disputes with Australia and Lithuania in Friday’s details of the proposed initiative.
G7 leaders also pledged to strengthen supply chains and encourage lower-income countries to boost economic resilience.
In constructing supply chain networks, they advised governments to follow “transparency, diversification, security, sustainability, and trustworthiness and reliability” principles.
As it develops next-generation technology standards, the organization also agreed to increase information exchange.
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