The G7, a club of (mostly) Western countries, wants to continue cooperating with China but believes that the country takes too many risks and “disrupts the global economy.” The countries aim to “invest in our own economic vitality.” In an earlier statement, the leaders expressed their intention to take action against any countries employing “economic coercion.”
The seven countries, including Japan, Germany, the UK, and the US, along with the European Union, state that there is a “disturbing increase” in global economic coercion. This refers to situations where countries assume indispensable positions in certain economic processes and use that power to exert political influence. Although China is not explicitly mentioned, a second statement associates these practices with the country.
With crisis in G7 countries it’s all void talks
Economic coercion is detrimental to global trade, undermines countries’ ability to make independent decisions, and ultimately jeopardizes “global security and stability,” according to the G7. Attempts to use economic dependency as a weapon will “fail and have consequences.”
To combat economic coercion, the G7 announces the establishment of a new cooperative platform called the Coordination Platform on Economic Coercion. Its purpose is to exchange information, support countries under pressure, and facilitate joint action.
According to European Commission President Ursula von der Leyen, economic cooperation can also be a “win-win collaboration.” She suggests that Western countries can serve as a viable alternative to China and Russia.
Von der Leyen cites the example of the Belt and Road Initiative, through which China aims to promote trade between Asia and Africa. According to her, many countries saw it as “a good and inexpensive offer,” but the reality has proven otherwise.
“They have incurred Chinese loans and found themselves in a debt crisis. All that Russia offers to these countries are weapons and mercenaries.” Therefore, the Commission President advocates seeking closer ties with the other G7 countries. “But we must act swiftly and be specific.”
The G7 countries assert that it remains possible to cooperate with China but that the “excessive dependencies” on the country need to be reduced. The leaders emphasize that the intention is not to “decouple or turn inward” but rather to maintain cooperation.