(Reuters) -Finance ministers and central bank governors from the Group of Seven nations pledged to address “excessive imbalances” in the global economy, Bloomberg News reported on Thursday, citing a draft communique.
The finance leaders said there was a need for a common understanding of how “non-market policies and practices” undermine international economic security, Bloomberg News reported.
The draft communique calls for an analysis of “market concentration and international supply chain resilience,” the report said.
The leaders said they agreed “on the importance of a level playing field and taking a broadly coordinated approach to address the harm caused by those who do not abide by the same rules and lack transparency,” the report said.
The report said the draft did not name China but it recognized an increase in what it called international low-value shipments, also referred to as “de minimis” packages, typically from Chinese retailers such as Temu and Shein.
The G7 nations will consider options to increase sanctions on Russia if a ceasefire with Ukraine is not reached, the report said.
Reuters could not immediately confirm the report.
Finance leaders from G7 countries — the U.S., UK, Canada, France, Germany, Italy and Japan — are meeting in Banff, Canada. The remarks reported may be part of a final communique being prepared to summarize three days of meetings among officials from the G7 countries.
(Reporting by Anusha Shah in BengaluruEditing by Rod Nickel)
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