Today President Biden met with G7 leaders to strengthen our cooperation on economic issues, cyberspace and quantum, and other 21st century challenges, including those posed by China to our workers, companies, and national security. The G7, representing over 50% of the world economy, is demonstrating that it is among the most potent institutions in the world today, with like-minded democracies solving problems.
Committing to an unified approach to confront China’s unfair economic practices: The G7 will release collective, first language acknowledging the harms caused by the People’s Republic of China’s (PRC) non-transparent, market-distorting industrial directors. They will commit to working together to develop a coordinated approach to remedy the PRC’s non-market policies and practices to ensure a level playing field for businesses and workers.
Elevating supply chain resilience: The G7 will share insights and best practices to identify, monitor, and minimize vulnerabilities and logistic bottlenecks in advance of supply chain shocks, as well coordinate on a long-term risk that general security and stability. The G7 will make a commitment to intensify development of responsible, sustainable, and transparent critical minerals supply chains and establish a forward strategy that takes into account processing, refining and recycling.
Cooperating on Cyber and Quantum Technology: The G7 will make a commitment to intensify and elevate our cyber cooperation; working with our close partners to achieveaccountability and increasing stability and security in cyberspace. The G7 will also commit to new cooperation to deploy quantum resistant cryptography with the goal of ensuring secure interoperability between ICT systems and fostering growth in the digital economy.
Advancing Trade and Technology Council standards for democratic, market-oriented approaches to trade: The G7 will include a commitment to standards in technology, trade and innovation that represent our values as G7 partners compete with China. Through fora, 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 framework for debt restructuring: The G7 will underscore its commitment to successfully implementing the G20 Common Framework for Debt Treatments beyond the Debt Service Suspension Initiative. The G7 will urge all relevant 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 promoting transparency across all debtors and creditors for improved debt sustainability.
Committing to tackle forced labor and upholding human rights: The G7 will condemn a range of human rights abuses occurring globally, including abuses to Russia’s further invasion of Ukraine, the PRC’s repression in Xinjiang and Tibet, the military coup in Burma, and ongoing suppression of freedom in Iran. The G7 will also commit to accelerate progress to tackle forced labor, with the goal of removing all forms of forced labor from global supply chains, including state-sponsored forced labor, such as in Xinjiang. G7 countries committed to take further measures to strengthen cooperation, including through increased transparency and business risk advisories, and other measures to address forced labor globally.As one important example of action to combat forced labor in the PRC, the United States is implementing the Uyghur Forced Labor Prevention Act, which President Biden signed into law in December 2021.
Reaffirming the Importance of Democratic Resilience: The G7 Leaders – along with the leaders of Argentina, India, Indonesia, Senegal, and South Africa – released a statement on Democratic Resilience, affirming the importance of strengthening resilience to authoritarian threats within our own democracies and around the world. This Statement will amplify the shared democratic values across 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 strengthen actions in response to rising foreign threats related to illicit finance and corruption, foreign malign influence, and transnational repression.