G7 Trade minister’s statement

G7 Trade ministers have called for immediately ending measures that unnecessarily restrict trade. The ministers adopted a statement before wrapping up their two-day meeting in the Japanese city of Osaka on Sunday.
Their discussions centered on such issues as how to respond to "economic coercion," which is used to pressure trading partners by restricting trade or raising tariffs. G7 members will accelerate coordination with non-G7 countries to bolster supply chains of semiconductors and critical minerals, including lithium, a key component for EV batteries.
It vows to build more robust international rules and standards in a bid to counter protectionism and other market-distorting measures. The statement also touches on the issue of reforming the dispute settlement system of the World Trade Organization. The ministers will deepen their discussions on this topic to a WTO ministerial meeting in February next year.