G7 Trade Ministers Meet Against Backdrop Of Trade Shakeup

Trade ministers of the G7 met virtually today to discuss a range of matters, including export controls and economic security, as G7 members increasingly synchronise with the US on measures to restrain the technological progress on China.

• Last week, the US and Japan agreed to enhance cooperation on critical minerals and supply chains and Tokyo acquiesced to applying export controls on high-tech chip manufacturers.
• The group said in a statement: "We reaffirm that export controls are a fundamental policy tool to address the challenges posed by the diversion of technology critical to military applications ... that threaten global, regional, and national security."
• Dr. Ngozi Okonjo-Iweala, Director General of the WTO, also attended a session of the meeting to, "discuss maintaining and strengthening the free and fair trade order including the WTO reform."
• The USTR has openly questioned the authority of the WTO and suggested last year that WTO rules should be subordinate to matters of US national security, including bolstering supply chains and reducing dependency on China.
• G7 leaders will meet in Hiroshima from Japan May 19-21 and trade representatives will meet again in September.