G-7 says to coordinate approach to counter 'non-market' policies

Britain's Prime Minister Boris Johnson hosts a virtual meeting of G-7 leaders in London.
Britain's Prime Minister Boris Johnson hosts a virtual meeting of G-7 leaders in London.PHOTO: AFP

LONDON (REUTERS) - Group of Seven (G-7) leaders on Friday (Feb 19)  said they would seek a collective approach to China to counter “non-market oriented” policies and practices and to ensure a fair multilateral global trade.

“With the aim of supporting a fair and mutually beneficial global economic system for all people, we will engage with others, especially G-20 countries including large economies such as China,” the G-7 said after a virtual leaders’ meeting.

“As leaders, we will consult with each other on collective approaches to address non-market oriented policies and practices, and we will cooperate with others to address important global issues that impact all countries.”

The G-7 said it would deepen cooperation on the health response to Covid-19 and explore a global health treaty.

“We will: champion open economies and societies; promote global economic resilience; harness the digital economy with data free flow with trust,” said the group whose combined economic clout is US$40 trillion (S$50 trillion) – a little less than half of the global economy.

The G-7 said it would “cooperate on a modernised, freer and fairer rules-based multilateral trading system that reflects our values and delivers balanced growth with a reformed World Trade Organisation at its centre; and, strive to reach a consensus-based solution on international taxation by mid-2021 within the framework of the OECD.”