G7 nations to launch supply chain partnership by year-end

G7 countries intend to launch partnership in the area of supply chains to safeguard energy security and maintain macroeconomic stability by the end of this year, according to a joint statement adopted on May 13 following the meeting of member states’ finance ministers and central bank governors in the Japanese city of Niigata, Report informs referring to TASS.

"We commit to further strengthening collaboration among G7 members and beyond to enhance supply chain resilience. <…> Diversification of supply chains can contribute to safeguarding energy security and help us to maintain macroeconomic stability. To turn the guidance into specific actions, we are currently developing "Partnership for RISE (Resilient and Inclusive Supply-chain Enhancement)" with interested countries and relevant international organizations with the aim of its launch by the end of this year at the latest," the statement reads.

Japan chairs G7 in 2023. By now the Japanese side has held a number of G7 ministerial meetings, including those attended by heads of foreign ministries as well as digitalization and technology ministers.