The Group of Seven (G7) finance ministers and central bank governors met in Banff, Alberta, Canada, pledging to tackle “excessive imbalances” in the global economy. In a communique that omitted language on fighting climate change, they expressed concerns over non-market policies and practices undermining international economic security.
The G7 statement was seen as a sign of unity among member nations, with Canadian Finance Minister Francois-Philippe Champagne stating that it sends a clear signal to the world about their commitment to addressing global issues. The communique did not specifically mention China’s state subsidies and export-driven economic model, but referred to non-market policies and practices.
The G7 pledged to work together to address market concentration, international supply chain resilience, and smuggling of illicit goods through low-value package shipments. They also recognized an increase in such shipments that can overwhelm customs and tax collection systems.
In a significant move, the G7 finance chiefs condemned Russia’s “continued brutal war” against Ukraine and vowed to explore all possible options, including increasing sanctions, if cease-fire efforts failed. The description of the Ukraine war was watered down from previous statements, which Trump had criticized as “illegal”.
The gathering sets the stage for a summit of G7 leaders in June, where Trump is expected to attend. European officials said there were discussions about lowering the price cap on Russian oil exports, but this plan was not mentioned in the final communique.
Overall, the G7’s pledge to address global economic imbalances and take action against Russia’s war on Ukraine sends a clear message about their commitment to cooperation and addressing pressing global issues.
Source: https://www.reuters.com/world/china/g7-draft-pledges-tackling-excessive-imbalances-global-economy-bloomberg-news-2025-05-22