OTTAWA, May 16 (Reuters) – Business leaders from the Group of Seven advanced economies urged member countries to lift trade restrictions and invest in critical minerals to reduce supply chain vulnerabilities, a communique released on Friday showed.
Businesses and trade organizations from the G7 countries congregated in Ottawa to give their recommendations to Canada, the host country, before the G7 Leaders’ Summit next month in Kananaskis, Alberta.
Canada will also host a meeting of finance ministers and central bank chiefs next week as a precursor to the summit.
Decades of established international trade and business relationships have been disrupted by an onslaught of import tariffs from U.S. President Donald Trump.
Some countries are hashing out deals with Trump, but economists have warned that a minimum tariff will remain even if they sign trade deals with the U.S., resulting in higher prices, layoffs, lower profits and slower economic growth.
“This evolving landscape demands a renewed model of economic cooperation among G7 members and like-minded countries,” said Candace Laing, CEO of Canadian Chamber of Commerce and chair of the B7 business leaders’ group within the G7.
Countries should prioritize building resilient supply chains and bolstering the G7’s competitive edge in critical and emerging technologies, she added in the communique.
The joint statement recommended five focus areas for G7 leaders, including critical minerals and materials supply and investment, a sector dominated by China. It also called for the dismantling of Trump’s trade barriers.
“Commit to lifting current extraordinary trade restrictions among G7 members, and to a moratorium on new broad-based tariffs to avoid triggering a cycle of escalatory and retaliatory trade measures,” it said.
The business leaders urged the G7 leaders to harness artificial intelligence, invest in clean energy and increase global healthcare cooperation.
Reporting by Promit Mukherjee; Editing by Richard Chang
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