A draft statement seen by Reuters revealed that the finance ministers of the Group of Seven countries of the world’s largest economies agreed to launch a plan by the end of this year to diversify global supply chains that would “contribute to protecting energy security.”
The draft showed that the G7 finance ministers also demanded the need to “remain vigilant and be light and flexible” in guiding policy amid increasing uncertainty over the global economic outlook.
The draft statement did not mention the crisis over the US debt ceiling.
Regarding banking system problems, the draft said the financial system is “resilient” due to the financial regulatory reforms implemented after the 2008 global financial crisis.
“We will address gaps in data, supervision and regulation in the banking system,” the draft said.
The G7 finance ministers, who met for three days in the Japanese city of Niigata, will issue the final statement later Saturday.
The draft stated that “diversification of supply chains can contribute to protecting energy security and help us maintain macroeconomic stability.”
She added that the G7 will work with interested countries and relevant international organizations with the aim of launching the plan by the end of this year at the latest.