G7 "Strengthening Supply Chains Targeting China and Russia... Establishing Platform to Counter Economic Coercion"

The Group of Seven (G7) has agreed to strengthen supply chains for critical minerals and materials in response to China, Russia, and others. They also reached a consensus to establish a new platform to counter economic coercion. Additionally, they decided to prevent the leakage of cutting-edge technologies that could be used to enhance military power threatening international peace.

On the 20th, the G7 held a summit in Hiroshima, Japan, and issued a joint statement on economic security that included these points. In the statement, the G7 declared, “We will strengthen resilient supply chains through global partnerships for critical minerals, semiconductors, batteries, and other essential materials.”

[Image source=Yonhap News]

Given the possibility of China attacking Taiwan, there are concerns that advanced semiconductor supplies could be cut off in an emergency. It is analyzed that the G7 aims to create a system to secure stable semiconductor procurement by involving countries like South Korea that possess semiconductor-related production technologies.

It is also interpreted that the intention is to reduce supply chain disruptions in the event of global pandemics like COVID-19 or regional conflicts such as Russia’s invasion of Ukraine.

[Image source=EPA Yonhap News]

Furthermore, the G7 announced the establishment of a new framework called the “Coordination Platform on Economic Coercion” to jointly assess, deter, and respond to economic coercion.

In the statement, the G7 said, “We will consult and cooperate within the platform to assess situations and deter economic coercion,” adding, “We will also cooperate to support targeted countries through expressions of solidarity and adherence to the rule of law when appropriate.”

This appears to be a measure aimed at China amid increasing instances of pressure to change other countries’ foreign and domestic policies through export restrictions on rare earths and other minerals or critical materials.

The G7 also agreed to cooperate to prevent the leakage of cutting-edge technologies and to stop military build-ups that threaten international peace. The G7 stated, “We reaffirm our common responsibility and determination to cooperate to prevent the advanced technologies we develop from being used to enhance military power that threatens international peace and security,” and “We will further strengthen multilateral responses in export control to protect ‘dual-use’ technologies that can be used for both civilian and military purposes.”

This content was produced with the assistance of AI translation services.