Thread by @WilliamYang120

Just In: #G7 leaders have released the highly anticipated statement on economic security - "We will address non-market policies and practices designed to reinforce dependencies, and will counter economic coercion.

We will continue to ensure that the clearly defined, narrow set of sensitive technologies that are crucial for national security or could threaten international peace and security are appropriately controlled, without unduly impacting broader trade in technology."

"We affirm that our cooperation to strengthen economic resilience and economic security will be rooted in maintaining and improving a well-functioning international rules-based system, in particular the multilateral trading system with the WTO at its core.

To these ends, we will work and coordinate through the G7 framework to make year-on-year progress in a holistic manner."

"Under the Japanese G7 Presidency and against the background of early deployments of Open RAN, we will continue to exchange views on open architectures and security- related aspects and opportunities.

We support open, global, market-driven, and inclusive multi- stakeholder approaches for the development of technical standards for telecommunications equipment and services to enable openness and interoperability in a technology neutral way.

We discussed that such infrastructure requires a rigorous evaluation of equipment, consistent with existing measures such as those outlined in the Prague Proposals, and the EU’s 5G toolbox.

We reaffirm the need to assess political, economic, and other risks of a non-technical nature posed by vendors and suppliers. We will continue our work to build resilient critical infrastructure by sharing information and best practices gained through our respective efforts."

"In light of increased use of non-market policies and practices to reinforce vulnerabilities, we reaffirm the need to make effective use of existing means while developing new ...

... tools as appropriate. We will continue to actively develop stronger international rules and norms to tackle non-market policies and practices that distort the level playing field, and strengthen efforts at the WTO to better address these issues."

"We will work together to ensure that attempts to weaponize economic dependencies by forcing G7 members and our partners including small economies to comply and conform will fail and face consequences.

We express serious concern over economic coercion and call on all countries to refrain from its use, which not only undermines the functioning of and trust in the multilateral trading system, ...

... but also infringes upon the international order centered on respect for sovereignty and the rule of law, and ultimately undermines global security and stability. "

"At our respective domestic levels, we will use our existing tools, review their effectiveness and develop new ones as needed to deter and counter the use of coercive economic measures.

Recognizing the importance of existing joint efforts including at the WTO, we will enhance collaboration by launching the Coordination Platform on Economic Coercion to increase our collective assessment, preparedness, deterrence and response to economic coercion, ...

... and further promote cooperation with partners beyond the G7.

Within this Coordination Platform, we will use early warning and rapid information sharing, regularly consult each other, collaboratively assess situations, explore coordinated responses, deter ...

... and, where appropriate, counter economic coercion, in accordance with our respective legal systems. We will also coordinate, as appropriate, to support targeted states, economies and entities as a demonstration of solidarity and resolve to uphold the rule of law."

"We will therefore deepen our strategic dialogue to seek to counter malicious practices in the digital sphere to protect global value and supply chains from illegitimate influence, espionage, illicit knowledge leakage, and sabotage.

Cooperating on international standards setting: "Reflecting on shared values and principles, we will identify and address issues related to international standards setting, where they arise, ...

... through information sharing and engagement in the established standards setting processes. We will deepen our cooperation through information sharing including with wider public and private stakeholders in international standards setting activities, ...

... and support effective standards setting. To this end, we reaffirm our continued collaboration including through the Framework for G7 Collaboration on Digital Technical Standards."

Protecting international peace and security by preventing leakage of critical and emerging technologies: "We will share, as appropriate, information and experiences to further develop common understanding of such risks and the policy tools needed to address them, ...

... and take further actions where necessary, including those related to export and investment, corresponding to the circumstances of each country."

"We will further strengthen multilateral efforts to cooperate in the field of export controls to ensure gaps in our dual use technology protection ecosystem cannot be exploited.

We have a common interest in preventing the narrow set of technological advances that are assessed to be core to enhancing the military and intelligence capabilities of actors who may use these capabilities to undermine international peace and security,...

... from being fueled by our companies’ capital, expertise, and knowledge."

"We recognize that appropriate measures designed to address risks from outbound investment could be important to complement existing tools of targeted controls on exports and inbound investments, ...

... which work together to protect our sensitive technologies from being used in ways that threaten international peace and security.

As we continue to work to make our economic security toolkits fit for today’s challenges, we will provide clarity to the private sector regarding these common goals.

We will also continue to coordinate, share lessons, and seek to align our approaches where feasible to maximize the effectiveness of our efforts."