Canada advances trade priorities at G7 Trade Minister’s Meeting

By Caribbean News Global

OTTAWA, Canada – Canada and countries around the globe are facing global economic uncertainty. This includes challenges that destabilize international supply chains and threaten global economic stability and recovery. An open, inclusive, sustainable, and rules-based international trading system can help mitigate these challenges.

This week, Mary Ng, minister of export promotion, international trade and economic development, participated in the Italy-hosted G7 Trade Minister’s Meeting in Villa San Giovanni – Reggio Calabria, Italy.

“During the meeting, minister Ng reiterated Canada’s strong commitment to an open, fair, inclusive and rules-based trading system, with the World Trade Organization (WTO) at its core; also highlighted that countries, including Canada, are facing unfair competition from the increased use of non-market policies and practices that are leading to significant overcapacity, including in electrical vehicle (EV) production. Minister Ng noted that Canada has launched public consultations on this issue to protect Canada’s auto workers and its growing EV industry from unfair trade practices from China,” reports media relations office, Global Affairs Canada.

“Canada is committed to protecting and promoting fair trade to ensure there is a level playing field for industries and workers, including in Canada. Minister Ng and G7 partners committed to stepping up efforts to address evolving threats to economic resilience and the increasing use of coercive economic tools; reiterated the importance of continuing a dialogue on economic resilience, as Canada becomes president of the G7 in 2025.”

Minister Ng committed to working with her international partners to ensure that benefits from international trade continue to flow into all our economies and highlighted diversification as a key strategy to achieve this goal with Canada building stronger trade connections with fast-growing economies like in the Indo-Pacific and Africa. This effort aims to strengthen economic partnerships and increase Canada’s role in global supply chains.

• Minister Ng condemned Russia’s illegal and unjustifiable war of aggression against Ukraine, which has had significant economic and trade impacts globally, including exacerbation of supply chain issues, energy and food insecurity, and high inflation.

• Minister Ng and G7 counterparts endorsed a joint statement on their commitment to advancing initiatives that foster global economic growth, address climate change, strengthen the rules-based international trading system and promote the resilience of global supply chains.

On the margins of the G7 meeting, minister Ng met with WTO director-general Dr Ngozi Okonjo-Iweala, with Jonathan Reynolds, the United Kingdom’s secretary of state for business and trade, with Antonio Tajani, Italy’s deputy prime minister and minister of foreign affairs and international cooperation, with Robert Habeck, Germany’s vice-chancellor and federal minister for economic affairs and climate action, and with Ken Saito, Japan’s minister of economy, trade and industry, to advance trade priorities that will provide opportunities for Canadian businesses and workers.

“Canada’s businesses, workers, and communities rely on open, predictable and fair rules-based international trade to provide good jobs and economic opportunities. This meeting was an important part of our ongoing work with our G7 partners on shared trade priorities and Canada looks forward to bolstering global prosperity as G7 host in 2025,” said minister Ng.

Quick facts

• The Group of Seven (G7) is an informal grouping of 7 of the world’s advanced economies, including Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, as well as the European Union.
• Canada last held the presidency of the G7 in 2018 and will next host the G7 in Kananaskis, Alberta in 2025.