A meeting of the trade ministers of the G7 (7 major countries) was held online on the night of the 7th to work on reforming the dysfunctional dispute settlement system of the World Trade Organization (WTO) and to create a rules-based, free and fair trade system. We have compiled a joint statement that includes the following:
The G7 trade ministers' meeting was held online on the night of the 7th, with participation from Italy as the chair, as well as Japan's Minister of Economy, Trade and Industry Saito, and the WTO ministers meeting to be held in the United Arab Emirates from February 26th. Prior to the meeting, discussions were held on themes such as a free and fair trade system.
According to the joint statement released, the WTO dispute settlement system, which has become dysfunctional, will be subject to ongoing discussions with the aim of reforming it and restoring its functionality by the end of the year. In order to strengthen responses to market-distorting measures such as preferential treatment for state-owned enterprises, they support the creation of a new forum within the WTO for deliberations on matters such as "trade and industrial policy."
In addition, geopolitical risks posed by geopolitical risks such as Russia's invasion of Ukraine, the fighting between Israel and the Islamic group Hamas and the accompanying humanitarian crisis, and a series of attacks on ships by Yemen's Houthi rebel group around the Red Sea are also increasing. Concerns were also expressed about the impact.
The G7 Trade Ministers' Meeting is scheduled to be held in Italy this July, and each country confirmed that it will continue its discussions based on the results of the WTO Ministerial Meeting.