G-7 Ministers Agree to Strengthen Free Trade System

Economy

Tokyo, April 1 (Jiji Press)--Trade ministers of the Group of Seven major powers have agreed to strengthen the free and fair multilateral trade system.

The G-7 ministers "support a global trading system that is free and fair and works for all countries and peoples," said a chair's statement released after their online meeting, held Wednesday night Japan time.

The officials also "underlined the vital role global trade has played in tackling the impacts of the COVID-19 pandemic, welcomed the contribution trade can make to a strong economic recovery, and emphasized the need to build back better," according to the statement, issued by British International Trade Secretary Liz Truss.

Major issues facing the global trade system include China's massive subsidies to state-owned enterprises and violations of intellectual property rights.

The G-7 online meeting took place after U.S. President Joe Biden, who backs free trade, took office in January.

[Copyright The Jiji Press, Ltd.]

Jiji Press