G7 Addresses Economic Coercion, Urges Countries to Adhere to International Norms

During the G7 summit in Japan, member nations pledged to collaborate in countering economic coercion, expressing concern over an increase in countries leveraging trade for political purposes. The G7, consisting of wealthy democracies, issued a statement on economic security, emphasizing their commitment to enhance resilience and combat practices that exploit vulnerabilities.

Although the statement did not explicitly mention China, Western officials have been increasingly critical of Beijing’s use of trade restrictions in geopolitical disputes. The G7 leaders acknowledged a “disturbing rise” in incidents of economic coercion and expressed their determination to thwart attempts to weaponize economic dependencies.

While China’s use of punitive trade measures has been a focal point at the G7 summit, the statement did not directly name the country. However, in a later communique, the G7 leaders outlined a strategy specifically addressing China. The communique emphasized that the goal is not decoupling or turning inward but rather promoting a growing China that adheres to international rules.

The leaders stated, “A growing China that plays by international rules would be of global interest.” The United States Ambassador to Japan, Rahm Emanuel, mentioned that the G7 is developing tools to deter and defend against China’s economic intimidation and retaliation.

Former British Prime Minister Liz Truss previously called for the establishment of an “economic NATO,” proposing that the international community should be prepared to implement stringent sanctions on China in response to aggressive actions toward Taiwan. It is noteworthy that Japan and European members, given their substantial reliance on Chinese trade, have been more cautious about antagonizing Beijing compared to the United States.

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