G7 Summit 2023: What to Expect as Leaders Meet in Japan
TimeNov 26, 2022
The Facts
On Saturday, finance chiefs of the Group of Seven (G7) nations agreed to build more stable, diversified global supply chains to develop clean energy sources and "enhance economic resilience globally against various shocks."
In a joint statement after a three-day meeting in Niigata, the US, Japan, Canada, Germany, France, Italy, and the UK set a year-end deadline for launching a new partnership to "safeguard energy security" and "maintain macroeconomic stability."
The Spin
Pro-establishment narrative
The announcement once again shows the G7 and the West's support and commitment to a resilient world economy at a time when Russia's aggression against Ukraine has shaken the very foundations of the international order based on the rule of law and heightened the world's focus on gas and energy alternatives. The international community must band together to resist economic coercion from any country.
Establishment-critical narrative
Instead of bringing a solution to avoid a potential economic catastrophe that could disrupt global financial markets, the G7 continues to push its anti-China plans. While investing in strengthening global supply chains is alright, discussing ways to safeguard a "rules-based international order" against China's so-called "economic coercion" is hypocritical and aims only to protect US economic security.
