G7 Hiroshima Summit Session 5 "Economic Resilience and Economic Security" (Summary)

May 20, 2023

[Provisional translation]

On May 20, the G7 Hiroshima Summit Session 5 “Economic Resilience and Economic Security” was held from 12:10 p.m. for 80 minutes. The overview of the session is as follows.

  1. Prime Minister Kishida stated that economic security was discussed for the first time as the agenda of the G7 Summit as it is increasingly important to respond to economic security challenges. The G7 leaders had a candid exchange of views.
  2. The G7 leaders affirmed that the G7 will be united in responding to issues such as 1) enhancing resilience of supply chain and critical infrastructure, 2) strengthening our response to non-market policy and practice and economic coercion, 3) appropriately managing critical and emerging technologies. Based on the recognition that economic security is a strategic challenge that the G7 should closely cooperate and tackle , the G7 leaders confirmed their will to closely coordinate in a holistic manner through the G7 framework.
  3. The G7 Leaders also discussed on the opportunities and challenges that AI brings. After sharing common awareness of the issue, the G7 leaders exchanged their opinions about the importance of data and overall direction of response.
  4. Based on the discussion in this session, the G7 for the first time concurred on sending out comprehensive and concrete message on economic resilience and economic security in the “G7 Leaders’ Statement on Economic Resilience and Economic Security (PDF/589KB).”
  5. Likewise, based on the discussion in this session, the G7 leaders announced the “Clean Energy Economic Action Plan (PDF/760KB)” regarding enhancing resilience of supply chain of critical minerals that is necessary for clean energy transition and renewable energy devices manufacturing.

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