“We are in a geopolitical situation in which the idea of world trade to improve people’s lives (…) is being severely tested,” noted German Economy Minister Robert Habeck.
G7 trade ministers meeting in Germany said today they want to “intensify efforts” to prevent Russia from “profiting” financially from the war in Ukraine, while pledging to end trade “naivety” towards in China.
“We are in a geopolitical situation in which the idea of world trade to improve people’s lives (…) is being severely tested,” noted the German Economy Minister Robert Hambeckwho presided over this synod in Brandenburg in eastern Germany.
In a statement issued after the end of this two-day session, the ministers initially assured that they want to diversify their trade relations in the face of an increasingly tense geopolitical environment.
“We the G7 trade ministers underline that diversifying trade and expanding trade relations on a mutually beneficial basis is vital to (…) improving the resilience and sustainability of our economies,” the ministers noted.
In their sights, China. “We will implement a more robust trade policy towards China (…), naivety is over” Hambeck also pledged.
“THE China it is one of our concerns in terms of distortion of competition, subsidies to industries, transparency,” EU Trade Commissioner Valdis Dombrovskis said during a press conference.
The G7 member countries also took aim at Russia and its invasion of Ukraine, while Ukrainian Economy Minister Yulia Sviridenk was invited.
“We will maintain and expand our concerted efforts to prevent Russia from profiting from its illegal aggression and limit its ability to continue the war,” the ministers underlined.
To support Kyiv, the ministers also discussed a “financial mechanism” aimed at pooling private and public funds for the future reconstruction of Ukraine.
In June, the G7 heads of state and government announced that they wanted to “support the reconstruction of Ukraine through an international reconstruction conference and plan.”
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