G7 ministers said on Thursday they would try to intensify pressure on Russia to limit Moscow’s means of financing its war in Ukraine and vowed to head off trade “naivete” about China.
The G7 “will maintain and intensify its coordinated efforts to prevent Russia from taking advantage of its illegal aggression” and to reduce Russia’s ability to prosecute the war, the trade ministers said in a statement after a meeting in Neuhardenberg, eastern Germany.
to support Kyivthe ministers also discussed a “financial mechanism” intended to collect private and public funds for the future reconstruction of Ukraine.
On the other hand, the ministers affirmed that they want “to diversify” their commercial relations, in the face of an increasingly tense geopolitical environment.
“We are in a geopolitical situation in which the idea of world trade to improve people’s lives […] has been put to the test.” confirmed the German Minister of Economy, Robert Habeck, who chaired the meeting.
“We, the trade ministers of the G7we stress that the diversification of trade and the expansion of trade relations on a mutually advantageous basis are essential for […] improve the resilience and durability of our economies”indicated the ministers.
In their crosshairs is China. “We will implement a more robust trade policy towards China […]naivety is over”promised Robert Habeck.
“China is one of our concerns in terms of distortion of competition, subsidies to industries, transparency”affirmed for his part the European Commissioner for TradeVladis Dombrovskis.