G7 countries to take tougher stance on trade with China: German official

The major Group of Seven economies have agreed to take a tougher and more coordinated stance towards China on trade, Germany’s economy minister said on Thursday.

After a two-day meeting with other G-7 officials, Economic Affairs and Climate Protection Minister Robert Habeck told reporters the talks on China were part of an effort to ensure high international trade standards and to prevent Beijing from using its economic power to run on steam. other nations.

The naivety towards China is over, Habeck said, referring to Germany’s stance on China. The time when we said Commerce, whatever happens, whatever the social or humanitarian norms, … is something that we must no longer allow ourselves.

He said Germany would work to persuade the European Union to establish a more robust trade policy towards China and respond as Europeans to the coercive measures China takes to protect its economy.

Other partner nations will do exactly the same, Habeck said, adding that G-7 members – which also include Britain, Canada, France, Italy, Japan and the United States – have agreed to coordinate their respective actions.

In a joint statement following the meeting at Neuhardenberg Palace, east of Berlin, the G-7 did not explicitly name China.

The statement expresses concerns about unfair practices, such as all forms of forced transfer of technology, theft of intellectual property, lowering labor and environmental standards to gain competitive advantage, distortion of public enterprise market and harmful industrial subsidies, including those that lead to overcapacity.

The group also pledged to pursue the search for reform of the World Trade Organization. The United States has been particularly reluctant to submit to the Geneva-based body’s jurisdiction on trade issues.

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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