Space Travel News
TRADE WARS
G7 vows economic coercion will 'face consequences'
G7 vows economic coercion will 'face consequences'
by AFP Staff Writers
Hiroshima, Japan (AFP) May 20, 2023

G7 leaders vowed Saturday that attempts to "weaponise" trade and supply chains would "fail and face consequences," in a thinly veiled warning to China over its economic practices.

Pushing back against Beijing's willingness to wield trade measures in diplomatic disputes has been a key theme of the bloc's meeting in Hiroshima though, in the end, its statement on economic security did not directly reference China.

Still, the target was clear, with the group warning of a "disturbing rise in incidents of economic coercion" that attempt to "undermine the foreign and domestic policies and positions of G7 members" and partners.

"Attempts to weaponise economic dependencies by forcing G7 members and our partners including small economies to comply and conform will fail and face consequences," it added.

The bloc is particularly concerned about its vulnerability in key sectors including critical minerals, semiconductors and batteries, all of which are vital to modern economies.

It pledged to strengthen supply chains and address disruptions, and ensure that technologies with national security applications are "appropriately controlled" -- also likely to be seen as a reference to keeping certain goods out of Beijing's hands.

- China language -

Earlier, US and EU officials previewed the group's position, including language that will come in a final communique at the end of the three-day summit.

"You will find the China language to be totally straightforward. It is not hostile or gratuitous," National Security Advisor Jake Sullivan said.

"There are key elements right from the top of that language that speak to the desire for stable relations with China and the desire to work together on issues of mutual interest," he added.

"It also spells out our concerns, but those concerns are well known to China."

Washington has led an aggressive push in recent months to restrict China's access to advanced chip-manufacturing tools, citing national security concerns while pressing Japan and the Netherlands to follow suit.

Sullivan said that past differences between the United States and the European Union countries on how to deal with China have largely faded.

The common strategy will emphasise the need to protect Western powers and their allies while avoiding outright confrontation with China.

"But it is not a cartoonish or one-dimensional policy. It is a multi-dimensional, complex policy for a complex relationship with a really important country," he said.

A European Union official also said the G7 was "ready to cooperate" and assess risks on strategic issues related to China.

"The aim of all G7 leaders is to say that China has followed a systematic policy of acquiring critical raw materials, controlling supply chains... and we are responding to this by diversifying," the official said.

A French diplomatic source added that cohesion on China among G7 members had "really progressed".

"We're not in a situation where the United States on one side are pushing for an ultra-aggressive policy towards China, while on the other, we're trying to counter that," the source told AFP.

G7 wants 'stable' China relations, warns on 'militarisation'
Hiroshima, Japan (AFP) May 20, 2023 - G7 leaders on Saturday warned China over its "militarisation activities" in the Asia-Pacific region but said the bloc also wanted "constructive and stable relations" with Beijing.

In a final communique issued at a summit in Hiroshima, the nations laid out a raft of concerns about China's economic and military activities.

But they also sought to keep the door open to cooperation and avoid further inflaming tensions between the world's second largest economy and the grouping of major Western powers plus Japan.

"We stand prepared to build constructive and stable relations with China, recognising the importance of engaging candidly with and expressing our concerns directly to China," the group said.

"Our policy approaches are not designed to harm China nor do we seek to thwart China's economic progress and development," the statement continued, adding that the G7 countries are not "decoupling or turning inwards".

Still, the language made clear the bloc's wide-ranging concerns about Beijing's willingness to deploy trade measures in diplomatic disputes and G7 determination to untangle sensitive supply chains from Chinese influence.

"Economic resilience requires de-risking and diversifying," the communique said, pledging to "reduce excessive dependencies in our critical supply chains".

The bloc warned against China's "militarisation" in the South China Sea and repeated that "peace and stability" in the Taiwan Strait is "indispensable" to global security.

And it urged China to use its influence with Russia "to stop its military aggression, and immediately, completely and unconditionally withdraw its troops from Ukraine".

Related Links
Global Trade News

Subscribe Free To Our Daily Newsletters
Tweet

RELATED CONTENT
The following news reports may link to other Space Media Network websites.
TRADE WARS
Commerce minister to pay rare senior Chinese visit to US
Washington (AFP) May 19, 2023
China's commerce minister will visit the United States next week, the Chinese embassy announced Thursday, in a rare trip to Washington by a top Beijing official as tensions flare. Minister Wang Wentao will meet Commerce Secretary Gina Raimondo and US Trade Representative Katherine Tai in Washington, said Liu Pengyu, spokesman for the Chinese embassy in Washington. Trade, once core to the US-China relationship, has increasingly been a point of friction, with President Joe Biden restricting sales ... read more

TRADE WARS
TRADE WARS
Remotely waiting in Gale: Sols 3832-3833

Perseverance captures view of Mars' Belva Crater

Martian crust like heavy armour

What's so special about large grains on Mars

TRADE WARS
Georgia Tech to lead NASA Center on Lunar Research and Exploration

NASA selects Blue Origin as 2nd Artemis Lunar Lander Provider

After SpaceX, NASA taps Bezos's Blue Origin to build Moon lander

NASA to announce a second Lunar lander partner for Moon Mission

TRADE WARS
NASA's Juno mission closing in on Io

Pioneer 11, launched 50 years ago, helped solve mysteries of the universe

NASA: Up to 4 of Uranus' moons could have water

New video series captures team working on NASA's Europa Clipper

TRADE WARS
NASA's Spitzer, TESS find potentially volcano-covered Earth-size world

Astronomers observe the first radiation belt seen outside of our solar system

Researchers uncover how primordial proteins formed on prebiotic earth

Bacteria survive on radioactive elements

TRADE WARS
SpaceX Falcon 9 rocket deploys 22 second-generation Starlink satellites

Gilmour Space Technologies forges head as PM opens new rockets factory

China continues testing its 130-ton reusable liquid oxygen kerosene engine

Rocket Lab to launch small satellite swarm for NASA

TRADE WARS
China's next space exploration to feature new faces

"Tianzhou Express" is online again, with five highlights

Tianzhou 6 docks with Tiangong space station

China's cargo craft Tianzhou 6 ready for launch

TRADE WARS
Astronomers want your help hunting for asteroids

Webb finds water, and a new mystery, in rare main-belt comet

SOHO chases asteroid's tail

Asteroid's comet-like tail is not made of dust, solar observatories reveal

Subscribe Free To Our Daily Newsletters




The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.