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G7 Warns Against Nonmarket Practices, Pledges Stronger Supply Chains
(MENAFN) Trade ministers from the G7 countries have issued a warning against what they describe as “nonmarket policies and practices,” pledging closer coordination to strengthen global supply chains and counter economic coercion.
In a joint statement following their meeting in Paris on May 5–6, the ministers said they share concerns about the impact of such practices on the global economy and international trade stability.
“We reaffirm our shared concerns regarding nonmarket policies and practices (NMPPs), and their adverse impacts,” the statement said, highlighting issues such as persistent market distortions, global overcapacity, spillover effects on domestic and international markets, and increasing economic dependencies.
The ministers also committed to continuing discussions on measures to address what they described as harmful industrial policies, including opaque subsidies and forced technology transfers.
They further raised concerns about economic coercion, pointing in particular to arbitrary export restrictions that could disrupt global supply chains and trade flows.
“We will work together with partners to reduce critical dependencies and ensure that attempts or threats to weaponize economic dependencies will fail,” the statement added.
The agreement reflects growing concern among advanced economies over the use of trade and economic leverage as a geopolitical tool, as well as efforts to build more resilient and diversified supply networks.
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