G7
G7 Trade Ministers’ Meeting
“Meeting with B7”and“Strengthening the Resilience of Supply Chain”(Outreach Session)
July 16, 2024
On July 16, commencing at around 3:15pm for approximately 50 minutes, and commencing at around 4:35p.m. for approximately 120 minutes, Ms. KAMIKAWA Yoko, Minister for Foreign Affairs of Japan, together with the Ministers participating to the G7 Trade Ministers’ Meeting, participated in the meeting with B7 and “Outreach Session - Strengthening the Resilience of Supply Chain”, respectively. The overview of the meetings is as follows.
- Meeting with B7
- At the outset, the representative from the B7 explained various trade-related challenges faced in business sectors and their efforts in addressing them, stressing that private-public collaboration is essential in order to respond to these challenges.
- Minister Kamikawa emphasized that, in order to effectively respond to various global challenges, the public and private sectors need to work together. Minister Kamikawa also explained that, by synchronizing the economic and diplomatic activities, Japan has been proactively pushing initiatives that would lead to world growth under the concept of the “new frontiers of economic diplomacy”.
- G7 Trade Ministers and B7 representatives confirmed that they will further strengthen the public-private cooperation.
- “Outreach Session - Strengthening the Resilience of Supply Chain”
- The session was attended by representatives from industries of the G7 (B7), including Japan’s Keidanren, invited countries, and international organizations. They explained the challenges they face in building resilient supply chains from their respective perspectives.
- Minister Kamikawa pointed out that over-dependence on a specific country in supply chains of critical resources is a major risk to economic security, and in light of enhancing supply chain resilience, highlighted three points: First, the importance of collaboration among like-minded countries that share the principles of "trustworthiness and reliability" confirmed by the Leaders at the G7 Hiroshima Summit, and cooperation between public and private sectors; second, the need to globally promote high environmental, social, and governance (ESG) standards in mining, processing, and investments in minerals supply chains, as well as to promote recycling; and third, the need for the G7 to actively support resource-rich countries in their relevant efforts.
- The participants engaged in candid discussions and agreed to further put into practice the elements of principles on resilient and reliable supply chains confirmed at the G7 Hiroshima Summit, and to build more resilient supply chains through promoting collaboration between public and private sectors with international organizations, as well as through cooperation among trusted partners.