The government of Japan He asked the G7 to make a coordinated effort to prevent the economic coercion that China applied to some of its members. According to the Asian nation, the measures taken by its neighbors to suspend the importation of Taiwanese pineapples and Australian wine represent a “clear danger” for economies around the world.
The Minister of Economy and Business of JapanYasutoshi Nishimura, stated: “During this year’s G7 meeting, making effective responses to economic coercion a major theme for the body.” In addition, the politician from the land of the rising sun affirmed that “countermeasures” are needed to help the regions that are the focus of mercantilist actions at the hands of authoritarian regimes.
China is no stranger to getting into trouble for its aggressive way of trading with the rest of the world. the same Japan hit a snag in 2010, when the Asian giant canceled trade in rare earths, which was vital to various Japanese production chainsafter a maritime accident that occurred in the eastern sea.
For their part, from Beijing they pointed out that several of the countries that make up the G7 also carry out similar economic measures. The two main examples they gave were Biden’s stringent semiconductor export controls and a UK move to cancel the purchase of a chip factory “abusing state power.”
The error
Yasutoshi pointed out that the democratic powers made a mistake when, more than two decades ago, they assumed that including China and Russia in the World Trade Organization would “bring unquestionable peace to the world” after the end of World War II. .
“The free trade system ended up legitimizing authoritarian regimes. The illusion that we embrace amplified the threat of the hegemonic powers”, affirmed the Japanese politicianwho pointed out that, despite this, “there is no way to go back” and that separating the economies is “impossible”.