G-7 Leaders Commit to Trade, Sanctions Objectives
The Group of Seven leading industrial countries this week agreed to a range of trade-related objectives to help achieve a “rules-based multilateral order” and “universal human rights,” including a commitment to the World Trade Organization and further sanctions against Russia. The G-7 countries -- joined by leaders from Argentina, India, Indonesia, Senegal, South Africa and Ukraine -- said they will stand against Russia for “as long as it takes.”
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“We will continue to impose severe and enduring costs on Russia to help bring an end to this war,” the June 28 statement said. “To this end, we remain steadfast in our commitment to our unprecedented coordination on sanctions for as long as necessary, acting in unison at every stage, and will reduce Russia’s revenues, including from gold.”
They also called the WTO “more important than ever in the current geopolitical environment,” saying the organization should “reflect our shared values, which include openness, transparency, and market-oriented competition, grounded in the rule of law.” They committed to continuing to remove “unnecessary” trade barriers, to coordinate against “trade-restrictive measures and non-market practices” and to renew the WTO’s monitoring, negotiation and dispute settlement mechanisms.
The leaders also pointed to the “recent crises” that have highlighted the vulnerabilities in global supply chains, saying they need to build more diverse and transparent supply chains through “ambitious, values-led trade policy.” They committed to cooperating more closely on trade in “critical” supplies and raw materials and plan to continue “addressing export restrictions and trade barriers at the international level.”
The statement specifically calls on China to restore Hong Kong’s autonomy, respect human rights in Xinjiang (see 2204010039) and to “press” Russia to end its war in Ukraine. The G-7 countries also agreed to continue to coordinate against China’s nonmarket policies and practices, including its unfair industrial subsidies.
The countries also said they plan to build on the work of a “number of multilateral dialogues and fora” to better coordinate on trade in technology, including through the U.S.-EU Trade and Technology Council. The U.S. has said it's using the TTC to pursue a new multilateral export control regime (see 2206170072 and 2206140060).