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On October 29, Trade Ministers of the Group of Seven (G7) industrialized countries agreed to step up cooperation to build flexible and sustainable supply chains for important goods.
In a joint statement issued after a two-day meeting in Osaka, Japan, the G7 ministers also pledged to step up joint efforts to prevent economic coercion. The joint statement called for the immediate removal of unnecessary trade restrictions, including restrictions on imports of Japanese food products.
The G7 Trade Ministers’ Meeting opened on October 28, with the agenda focusing on strengthening supply chains of critical minerals and other goods to ensure economic security. The meeting was co-chaired by Japanese Trade Minister Yasutoshi Nishimura and Foreign Minister Yoko Kamikawa.
This is the second meeting of G7 trade ministers this year after an online meeting in April. The meeting comes amid concerns among developed countries about the risk of disruption to the supply of semiconductor chips as well as essential minerals such as lithium, which are crucial for the production of electric vehicles and the promotion of green energy.
The G7 includes Japan - which holds the rotating presidency - the UK, Canada, France, Germany, Italy and the US, along with the European Union.
According to Tin Tuc newspaper