G7 to Set Up Council to Tackle ‘Economic Coercion’

The Yomiuri Shimbun

15:05 JST, May 18, 2023

The Group of Seven will establish a new council to counter “economic coercion,” a move made apparently with Russia and China in mind, The Yomiuri Shimbun has learned.

According to a draft statement on economic security that will be adopted at the G7 summit in Hiroshima, the G7 has serious concerns about economic coercion, meaning the application of pressure through trade and investment restrictions. Although the draft does not mention Russia or China by name, it does warn that economic coercion, in which economic vulnerabilities are exploited to harm a country’s diplomatic and domestic policies, is spreading. The draft calls on all nations to refrain from such practices.

The G7 will announce the launch of a council tasked with tackling economic coercion. This council will be staffed by officials from the G7 nations’ diplomatic authorities, and will work out measures to combat economic coercion. The draft also stipulates that support will be provided to nations targeted by such coercion to show solidarity and a resolve to protect the rule of law. The aim is to strengthen cooperation that transcends the G7 framework.