G7
G7 Kananaskis Summit (Session 1 “Global Economic Outlook”)
June 16, 2025
(Photo: Cabinet Public Affairs Office)
(Photo: Cabinet Public Affairs Office)
(Photo: Cabinet Public Affairs Office)
On June 16, commencing at 11:05 a.m. (local time. 2:05 a.m. on June 17, Japan time.) for approximately 100 minutes, Mr. ISHIBA Shigeru, Prime Minister of Japan, attended the G7 Kananaskis Summit Session 1 “Global Economic Outlook”. The overview of the session is as follows.
- Prime Minister Ishiba pointed out that the global economy is exposed to risks such as geopolitical tensions and natural disasters, and its uncertainty has further increased. He emphasized the necessity of maintaining close communication among the G7, reducing uncertainty of the global economy and working together to achieve stable growth.
- Improving domestic and international economic systems
- Prime Minister Ishiba indicated that trade imbalances between countries, including the United States and China, stem from unsustainable macroeconomic imbalances within each country, and that each country must work to improve its domestic economy and the international economic system to resolve the issue.
- In addition, Prime Minister Ishiba pointed out that non-market policies and practices are negatively affecting industries and employment in developing countries, including those in Asia. He emphasized the need for the G7 to act in unity and take the lead in establishing a rules-based free and fair economic order.
- Maintaining and strengthening the multilateral free trading system
Prime Minister Ishiba stated that the WTO, in particular, has provided an essential foundation for global economic growth and the G7 countries have benefited from it. He also stated the importance of maintaining and strengthening the multilateral free trading system with the WTO at its core, and emphasized the need to realize WTO reform in a manner acceptable to all members, taking into account issues such as ensuring a level playing field, “developing country Member status,” and dispute settlement reform. - Prime Minister Ishiba stressed that the countries including the G7 should invest in strengthening their domestic industries and bolster each other's economies. The G7 leaders shared their understanding of the need to take the lead in addressing various issues surrounding the global economy. They also shared the recognition of the need for the G7 to unite and to lead the global economy through candid discussions.