G7 and China criticize each other over economic 'bullying'

The Sankei Shimbun reported that a meeting of trade ministers from the Group of Seven (G7) nations held in Osaka, Japan, agreed to take steps to reduce dependence on China.

For the first time, the G7 has expanded the forum to include representatives of developing countries. The parties agreed to create a reliable supply chain for critical minerals, essential for the production of electric vehicles and batteries. The countries will work closely to reduce dependence on China.

The forum also discussed the G7’s response to China’s “economic bullying,” which is the use of trade to pressure other countries. The expanded forum also included resource-rich Australia and Chile, as well as emerging economies from the global south, such as India, Indonesia and Kenya.

“Recently, the economic dependence of some countries on others has been used as a weapon,” said Japanese Minister of Economy, Trade and Industry Yasutoshi Nishimura, calling on G7 members to develop partnerships not only within the bloc, but also with other countries, to create safe and diverse supply chains.

Responding to the G7's accusations of China's "economic bullying," the Chinese embassy in Japan said that the G7 holds a "monopoly patent" on economic bullying; it also noted that there have been countless cases of G7 members undermining the level playing field and disrupting the security and stability of global economies, production and supply chains.

“We urge them not to practice double standards, but instead take practical actions to maintain a fair international trade and investment order,” the Chinese Embassy in Japan said.

According to the Global Times, Chinese officials and experts have criticized the G7 statement calling for the "immediate abolition" of import restrictions on Japanese food products.

The call was made in reference to China's restrictions after Japan began discharging treated radioactive wastewater from the Fukushima nuclear power plant into the sea./.