Takaichi Highlights G7's Role in Global Economic Coordination

Takaichi states G7 leaders coordinate policy on macroeconomy, trade, and energy to resolve global issues.

[Press Conference by Prime Minister TAKAICHI Sanae upon the Conclusion of Her Visits to the UK and Italy and Her Attendance at the G7 Evian Summit] On June 17 (local time) in Archamps, France, Prime Minister Takaichi held a press conference regarding her visits to the UK and Italy, her attendance at the G7 Evian Summit in France, and other matters.  [Opening Statement by Prime Minister Takaichi] Just now, the G7 Evian Summit drew to a close. As I begin my remarks, I wish to express my respect and appreciation to President Macron for demonstrating strong leadership as the chair of this year's summit. Fifty years ago, the G7 we know today came into being. It was a time of turmoil in international financial markets triggered by the "Nixon Shock" as well as a time of global economic chaos resulting from the first oil shock. In the face of worldwide challenges no single country could resolve acting alone, what was needed was policy coordination among the major advanced economies at the summit level in areas such as the macroeconomy, trade, and energy. The G7 came about because the national leaders came to realize that acutely. Later, the Cold War came to an end, and the 1990s were also marked by the Gulf War. Once we entered the 21st century, the fight against terrorism began. In the present day, Russia's aggression against Ukraine is dramatically shaking the post-war international older. In terms of the economy, the world has weathered both the Asian Financial Crisis and the Global Financial Crisis. Even during changes in the times as immense as these, the G7 leaders have engaged in candid, face-to-face discussions at least once a year and taken action by working hand in hand. The G7 has played a tremendous role in the resolution of global issues. That is not simply because we account for a large portion of the global economy. The countries of the G7 share fundamental values such as freedom, democracy, basic human rights, and the rule of law. Grounded in this common foundation, we engage in frank discussions and take an aligned response to various global issues. I believe that is precisely what gives the G7 summit its significance, which remains undiminished even after half a century. The world now finds itself facing unprecedentedly large challenges once more. I value the efforts toward peace made by the United States and Iran. That said, concerns over energy supply stemming from the situation in the Middle East have cast a large shadow over the global economy. In April I hosted the Asia Zero-Emission Community (AZEC) Plus Online Summit, where I listened directly to the voices of the Asian countries impacted most severely.  Here at this G7 summit, where Japan participated as the member from Asia, I put forward three proposals for fostering energy security, particularly the stability of the crude oil market. My first proposal was for like-minded G7 member countries to act in cooperation in opposing unjustified export restrictions and ensuring free and transparent trade, to help bring about a stable energy supply. Free and safe navigation through all sea lanes, including the Strait of H