JAKARTA - The trade ministers of the group of seven developed countries or G7 stated that their governments were ready to reject veiled "economic coercion", referring to China's control over exporters of important minerals.
After the meeting of the ministers in Paris, the French Minister of Foreign Trade Nicolas Forissier said that the G7 summit will be held in mid-June with the main agenda of strengthening the supply chain of these important mineral commodities.
In France, there are ongoing concerns about China's dominance of the rare earth metals (LTJ) market, which are commonly used in semiconductor manufacturing.
As reported by ANTARA from Kyodo, Thursday, May 7, Japanese Trade Minister RyoseiAkazawa in the meeting emphasized the importance of maintaining and strengthening the multilateral trade regime, by curbing unfair export restrictions.
Akazawa said his colleagues from several G7 members also expressed concern about the possibility of tighter export controls, which China has imposed on Japan, spilling over to other countries.
In a formal statement, the G7 ministers have serious concerns about economic coercion, including through arbitrary export restrictions that could cause supply chain disruptions.
Therefore, the G7 ministers stated that they would work together to ensure that attempts or threats to weaponize economic dependence would fail.
Also present at the meeting was a trade representative from the United States, Jamieson Greer.
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