The city of Osaka in Japan is all set to witness a meeting of the trade ministers from 7 of the world’s most advanced economies, the G7, this weekend.
The G7 Trade Ministers meeting will be held from 28-29 October 2023. During this meeting, the G7 trade ministers will convene to brainstorm on making global supply chains more resilient.
They will also elaborate on ways to make governments less vulnerable to economic coercion from the likes of China and Russia.
This year, Japan has selected contemporary topics for the outreach program namely, “How to enhance Supply Chain Resilience” and “Promote Trade and Sustainability- environment, Development and digital, including prospects for WTO MC13,”
G7 Africa Collaboration on Trade
In a sign of renewed Cooperation, invited countries like Kenya are hoping to partner and cooperate with Japan on trade.
On Friday, October 27, Kenya’s Cabinet Secretary for Investments, Trade and Industry, Rebecca Miano while in Japan revealed that Kenya is ready for partnership and cooperation.
“As Kenya continues its journey towards growth and progress, we recognize the pivotal role of meaningful collaborations with our global partners.
It was my honor to extend this collaborative spirit during my visit to the Honda Automobile Factory on the sidelines of the G7 Trade Ministers Meeting,” CS Rebecca Miano stated.
Miano, further stated that Kenya underscores it’s commitment to fostering international partnerships . She also stated that Kenya is dedicated to explore avenues of cooperation with renowned industry leaders.
On the other hand, Japan has also invited India along with other countries. They include Australia, Chile and Indonesia to participate in the outreach program.
The G7 has invited other International organizations such as World Trade Organization (WTO), Organisation for Economic Cooperation and Development (OECD).
The ministers are gathering amidst heightened geopolitical tensions caused by conflicts in the Middle East and Ukraine. The ongoing global political unrest has led to detorraition of diplomatic relations. Some Countries have been placed under sanctions and trade barriers.
The G7 trade ministers usually meet regularly. They address topics such as international trade policies, market access and open trading systems. These discussions help to influence global economic policies. Likewise, they also have significant implications for international commerce.
What is G7?
The G7 Is an informal bloc of industrialized democracies like the United States, Canada, France, Germany, Italy, Japan, and the United Kingdom (UK). The countries usually meet annually to discuss issues such as global economic governance, international security, and energy policy.
G7 meeting’s usually shared the same values of pluralism, liberal democracy, and representative governments. G7 Members constitute 10% of the world’s population but cater to around 40% of World GDP.
The meeting will center on a variety of topics. They include, measures to address food security, climate change, fair trade rules, economic coercion, and supply chain resiliency.
Effects of Global Crisis
Currently, Countries around the world are still trying to recover from the long-lasting impact of COVID-19. This include the extreme shortage of semiconductors and medical devices.
After Russia invaded Ukraine, the world experienced food and energy supply crisis. Further, the crisis in Israel and Gaza has also threatened to worsens things. Currently, death tolls have risen and oil market prices have skyrocketed.
Meanwhile, even as the global economy takes hits from high inflation in the US and Europe. The global commerce forecast predicts that it will grow at less than half the pace predicted six months ago, according to the World Trade Organization.