The “G7 Leaders’ Statement on Economic Resilience and Economic Security” dated May 20, 2023, outlines the group’s comprehensive approach to strengthening global economic resilience and security. Key elements of the statement include:
- Fostering Partnerships and Sustainable Value Chains: The G7 emphasizes the importance of creating resilient and sustainable value chains globally. The statement reiterates the commitment to reduce economic risks and promote sustainable development, particularly by enhancing the role of low and middle-income countries in global supply chains.
- Building Resilient Supply Chains: Acknowledging vulnerabilities exposed by the COVID-19 pandemic and geopolitical tensions, the G7 highlights the necessity of diversified, secure, and reliable supply chains. Efforts will focus on enhancing supply chains for critical goods like minerals, semiconductors, and batteries, and sharing best practices and insights to manage disruptions.
- Strengthening Critical Infrastructure: Special attention is given to the security and resilience of critical infrastructure, especially in the digital domain. The statement supports diversifying suppliers and adopting open, interoperable, and secure architectures for critical technologies.
- Countering Non-Market Policies and Economic Coercion: The G7 expresses concerns over non-market policies and economic coercion that exploit vulnerabilities and distort the level playing field. The group commits to developing stronger international rules and norms to address these issues, including a Coordination Platform on Economic Coercion to enhance collective response.
- Digital Sphere and International Standards: The G7 leaders express concern over practices like data localization and lack of data protection. They commit to supporting the development of open, voluntary, consensus-based technical standards aligned with democratic values.
- Protecting International Peace and Security: The statement emphasizes the need to prevent leakage of critical and emerging technologies that could threaten international peace and security. The G7 will coordinate on export controls and investment policies to safeguard sensitive technologies.
Overall, the statement reflects the G7’s commitment to strengthening economic resilience and security through collaboration, adherence to international norms, and protection against harmful practices in the global economic and digital spheres.