April 1, 2021
On March 31 (Wed.), Mr. Kajiyama Hiroshi, Minister of Economy, Trade and Industry attended the G7 Trade Ministers' Meeting which was held via video conference. The participants discussed the coordination of the G7 in light of the current international trade situation, and a Chair's Statement was issued.
On March 31, the G7 Trade Ministers' Meeting was held via video conference, and Minister Kajiyama and Mr. Motegi Toshimitsu, Minister of Foreign Affairs, attended from Japan. This was the first ministerial meeting of the Trade Track established at the G7.
At the meeting, issues discussed included WTO reform, the role of trade in tackling the climate and environmental crisis, the resilience of supply chains for health products, and the promotion of digital trade. Following the meeting, a Chair's Statement was also issued.
The main points in the Chair’s Statement are outlined below. The statement also confirmed that discussions are to be deepened at the next Trade Ministers' Meeting in May.
Free and Fair Trade
- G7 Trade Ministers reaffirmed the need for a multilateral trading system, and will provide vital political momentum to the WTO reform debate.
G7 Trade Ministers acknowledged the importance of the role of trade in addressing climate change and protecting nature, and will deepen discussions on matters such as facilitating sustainable supply chains.
- G7 Trade Ministers will consider the ways in which trade policy can develop to support trade in health products, and increased supply chain resilience.
G7 Trade Ministers are united in their opposition to digital protectionism, and agree on the importance of matters such as data free flow with trust. They have resolved to further develop a set of high-level principles to guide digital trade.
Digital trade remains an important area for the creation of new rules at the WTO. G7 Trade Ministers are committed to redoubling their efforts to advance the Joint Statement Initiative on E-commerce at the WTO, and aim to achieve substantial progress by the 12th WTO Ministerial Conference.
Division in Charge
International Economic Affairs Division, Trade Policy Bureau