The Group of Seven major economies (G7) on Thursday announced that they would resort to a “tougher, more coordinated” in snubbing the trade deals with China to hamper its capabilities of using its so-called “economic might” in steamrolling other nations. Germany’s Minister for Economic Affairs and Climate Protection Robert Habeck told a presser that the “naivety toward China is over.” He made remarks following the two-day summit of the G-7 officials. Habeck noted that talks about restricting the trade alliances with China were “part of an effort to ensure high international trade standards.”
“The time when one said ‘Trade, no matter what,’ regardless of the social or humanitarian standards, … is something we shouldn’t allow ourselves anymore,” said Robert Habeck.
German Economic Minister, further underscored, that Berlin would persuade the European Union (EU) to establish “a more robust trade policy toward China and respond as Europeans to the coercive measures that China takes to protect its economy.” “The other partner countries will do exactly the same,” Habeck iterated in his remarks made Thursday. G-7 members which include Britain, Canada, France, Italy, Japan and the United States, have all agreed to coordinate their respective actions with Germany, according to Habeck’s statement.
G7 supports rebuilding efforts for Ukraine
Another key issue discussed by the G7 member nations at the meeting was the rebuilding efforts for Ukraine, ravaged by the Russian war of aggression which the G7 states strongly condemned. The Federal German Chancellor Olaf Scholz highlighted that he was particularly pleased to have the Ukrainian Minister Olesiy Chernyshov join the meeting as a guest using digital technology. On his visit to Kyiv in June, the Minister himself had shown him “the severity of suffering and destruction”.
“At the same time, I was deeply impressed by the strength and willpower of Ukrainians, who refuse to have their future taken away,” Scholz emphasised. “This is why we are providing concrete support on a daily basis, together with our partners also beyond the G7. This is why we are already cooperating with you to ensure that the destroyed towns and cities can be rebuilt – sustainably and in consideration of the climate.”
Germany announced that its Federal Government and the EU Commission would be extending invitations to an international reconstruction conference for Ukraine on October 25. The event would, in particular, be dedicated to “realising the required financial strength for worldwide support”.