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G7 says to counter 'non-market' policies from China to ensure free trade

Kitco News

LONDON (Reuters) - Group of Seven leaders on Friday 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 G20 countries including large economies such as China,” the G7 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 G7 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 $40 trillion - a little less than half of the global economy.

The G7 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.”

Reporting by William James and Guy Faulconbridge

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