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G7 Meeting on the Trade Implications of the War in Ukraine
Press release, Berlin, March 23, 2022
Federal Minister [Robert] Habeck today hosted the virtual kick-off meeting of G7 trade ministers within the framework of Germany's G7 Presidency. The meeting focused on the current trade policy impacts of Russia's invasion of Ukraine and on prospects for coordination among the G7 in the run-up to the 12th WTO Ministerial Conference, which is scheduled to take place in Geneva in June.
G7 trade ministers used the occasion to highlight the importance of close coordination on any trade restrictions imposed, of monitoring potential impacts on global supply chains, security of supply and companies in the G7 countries, and of taking coordinated action in response to such expected impacts.
Minister Habeck said: "Russia's aggressive invasion of Ukraine has provoked a firmly united and resolute response from the G7 – not least in the field of trade policy. Within a very short period of time, the G7 agreed on a set of coordinated sanctions and on measures to revoke Russia's most favoured nation status. This makes it possible to impose a range of further measures, such as import and export restrictions as well as higher tariffs, which we discussed today. We will continue our efforts and take joint and resolute action as the G7. Moreover, all G7 partners confirmed the importance of the multilateral trading system and supported a reform of the WTO that will enhance its ability to handle future challenges."
Another key item in the meeting was a discussion between the G7 and WTO Director-General Dr Ngozi Okonjo-Iweala on the G7's contribution to a successful WTO Ministerial Conference, which is to take place in June this year.
The G7 Trade Track will be continued via a number of working group sessions. The next meeting of G7 trade ministers is scheduled to take place in Lübeck on 14/15 September 2022.
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Source: Federal Ministry of Economic Affairs and Climate Action
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