The G7 will act against countries that use their economic power to exercise their political influence. “Attempts to weaponize economic dependence will have consequences,” the members say in a joint statement. China is not explicitly mentioned, but another G7 statement links it to this type of “economic coercion”.
The G7 includes Japan, the United States and the United Kingdom. The EU has also stated that there is a “worrying increase” in economic coercion. “Both G7 members and partners around the world are affected by this,” the statement read. It is bad for global trade, detracts from countries’ ability to make their own decisions, and ultimately undermines “global security and stability.”
Western countries could be a good alternative.
G7 members say they will make new and better plans to respond to this and also to work better together. There will also be a new partnership (Coordination Platform on Economic Coercion) that will share information and respond to this economic coercion. This platform should work together to support the target countries.
The President of the European Commission, Ursula von der Leyen, believes that Western countries can be a good alternative to China and Russia. The new Silk Road, through which China hopes to boost trade between Asia and Africa, seemed a “good and cheap proposition” to many countries. But in practice, according to Von der Leyen, this is disappointing.
They took out Chinese loans and ended up in a debt crisis. “All that Russia provides to these countries is weapons and mercenaries,” said the head of the committee. Von der Leyen said she wants to establish win-win partnerships with these countries. “But we have to move quickly and be concrete.”
The G7 also issued a joint statement on China. It states that the seven democratic industrial countries do not want to separate from China and do not want to “turn on themselves.” “But we need to reduce the number of risks in accordance with our economic resilience.”
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