G7 agrees to confront Beijing's 'non-transparent, market distorting' practices

Schloss Elmau [Germany], June 28 (ANI): In a unified approach in confronting China's unfair economic practices, the Group of Seven (G7) nations on Tuesday committed to upholding fair and transparent competition in the global economy and strengthening international rules.
"We remain committed to upholding fair and transparent competition in the global economy and strengthening international rules in this regard. With regard to China's role in the global economy, we are continuing to consult on collective approaches, also beyond the G7, to challenges posed by non-market policies and practices which distort the global economy," the Group of Seven said in a statement.
They further committed to build a shared understanding of China's non-transparent and market-distorting interventions and other forms of economic and industrial directives.
"We will build a shared understanding of China's non-transparent and market-distorting interventions and other forms of economic and industrial directives. We will then work together to develop coordinated action to ensure a level playing field for our businesses and workers, to foster diversification and resilience to economic coercion, and to reduce strategic dependencies," they said further.
The G7 leaders gathered in Germany for the summits. They call on China to honour its commitments made in the Sino-British Joint Declaration.
"We call on China to honour its commitments made in the Sino-British Joint Declaration and the Basic Law, which enshrine rights, freedoms and a high degree of autonomy for Hong Kong," they said.
They are gravely concerned about the human rights situation in the country.
"We will continue to promote universal values, including by calling on China to respect universal human rights and fundamental freedoms, including in Tibet and in Xinjiang where forced labour is of major concern to us," the statement said.
The Group of seven also condemned the military coup in Myanmar and express deep concern about the political, humanitarian and human rights situation.
"We call on the military regime immediately to end the use of violence, free all political prisoners and those arbitrarily detained and return the country to a democratic path. We will continue to support all efforts by ASEAN and the implementation of ASEAN's Five-Point Consensus in all its dimensions. We also remain fully supportive of all efforts by the United Nations, and encourage strong coordination between the ASEAN Special Envoy and the Special Envoy of the United Nations Secretary-General on Myanmar," the statement added. (ANI)