Today, President Biden met with G7 leaders to strengthen our cooperation on economic issues, cyberspace and quantum, and other 21st challenges of the century, including those posed by China to our workers, our businesses and national security. The G7, which represents more than 50% of the global economy, demonstrates that it is among the most powerful institutions in the world today, with like-minded problem-solving democracies.
Commit to a unified approach to deal with China’s unfair economic practices: The G7 will issue unprecedented collective language acknowledging the damage caused by non-transparent industry guidelines and distorting the People’s Republic of China (PRC) market. They will commit to working together to develop a coordinated approach to addressing the PRC’s non-market policies and practices to ensure a level playing field for businesses and workers.
Increase supply chain resilience: The G7 will share insights and best practices for identifying, monitoring and minimizing vulnerabilities and logistics bottlenecks ahead of supply chain shocks, as well as coordinating long-term risks that undermine security and stability world. The G7 will commit to intensify the development of responsible, sustainable and transparent supply chains of critical minerals and to establish a strategy for the future that takes into account processing, refining and recycling.
Cooperate on cyber and quantum Technologistthere: The G7 will commit to intensify and elevate our cyber cooperation; work with our close partners to achieve accountability and increase stability and security in cyberspace. The G7 will also engage in new cooperation to deploy quantum strong cryptography with the aim of ensuring secure interoperability between ICT systems and fostering the growth of the digital economy.
To advance Trade and Technology Council Standards for Democratic and Market-Oriented Business Approaches: The G7 will include a commitment to technology, trade and innovation standards that represent our values as G7 partners compete with China. Through forums such as the US-EU Trade and Technology Council, we will demonstrate to the world how democratic and market-oriented approaches to trade, technology and innovation can improve the lives of our citizens and be a force for greater prosperity.
Improving the multilateral debt restructuring framework: The G7 will underline its commitment to successfully implement the G20 Common Framework for Debt Treatment Beyond the Debt Service Suspension Initiative. The G7 will urge all affected creditors, including non-Paris Club countries – such as China – and private creditors, to contribute constructively to the necessary debt treatments, as requested. The G7 will also reaffirm its commitment to promote transparency between all debtors and creditors for better debt sustainability.
Commit to tackling fstrength Ifirst and sustain human rights: The G7 will condemn a range of human rights abuses happening around the world, including abuses related to Russia’s continued invasion of Ukraine, the PRC’s crackdown in Xinjiang and Tibet, the military coup in Burma and the continued suppression of freedom in Iran. The G7 will also commit to accelerating progress in the fight against forced labour, with the aim of eliminating all forms of forced labor from global supply chains, including state-sponsored forced labour, as in the Xinjiang. G7 countries have pledged to take further steps to strengthen cooperation, including through increased transparency and business risk advisories, and other measures to tackle forced labor globally. Forced Labor Prevention Act, which President Biden signed into law in December 2021.
Reaffirming the importance of democratic resilience: The leaders of the G7 – along with the leaders of Argentina, India, Indonesia, Senegal and South Africa – issued a declaration on democratic resilience, affirming the importance of strengthening the resilience to authoritarian threats within our own democracies and around the world. This declaration will amplify the democratic values shared in the G7 countries; condemn Russia’s invasion of Ukraine as an attack on democracy; affirm the importance of civil society and independent media; and outline how G7 members will step up their actions in response to growing foreign threats related to illicit finance and corruption, malign foreign influence and transnational repression.