G7 urges China to ‘play by the rules’ citing ‘economic coercion’
Western officials are increasingly talking about Beijing’s use of trade restrictions in political disputes.
Hiroshima, Japan – The Group of Seven has pledged to work together to counter economic coercion amid a “disturbing rise” of arms-trading countries.
Western officials have become increasingly vocal about Beijing’s use of trade restrictions in political disputes.
In a statement released on Saturday, the second day of the G7 summit in Hiroshima, Japan, G7 leaders said they would increase economic resilience and security “by reducing vulnerabilities and countering malicious practices they exploit and strengthen”.
“The world has experienced a disturbing increase in incidents of economic coercion that seek to exploit economic vulnerabilities and dependencies and undermine the foreign and domestic policies and positions of G7 members and partners around the world,” they said. .
“We will work together to ensure that attempts to weaponize economic dependencies by forcing G7 members and our partners, including small economies, to conform and conform will fail and have consequences.”
China’s use of punitive trade measures is one of the closely watched topics at the G7 summit, amid calls for concerted action to push back against Beijing.
Japan, South Korea, Australia and Lithuania have all been hit by trade restrictions in recent years following disputes with Beijing over issues ranging from the origins of the COVID-19 pandemic to Taiwan.
The G7 communiqué outlined a strategy for its relations with China.
“We don’t disconnect or turn inward. At the same time, we recognize that economic resilience requires de-risking and diversification. “A growing China playing by international rules would be of global interest.”
On Tuesday, US Ambassador to Japan Rahm Emanuel said the G7 was “developing the tools to deter and defend China’s economic intimidation and retaliation”.
Former British Prime Minister Liz Truss called for the creation of an “economic NATO” earlier this year, saying the international community must be ready to impose harsh sanctions on China if Beijing takes aggressive steps toward a self-governed Taiwan .
Japan and European members are seen as more hesitant to antagonize Beijing than the US because of their heavy dependence on Chinese trade.