The Finance Ministers of the G7 countries gathered in Paris for two days to try to reconcile their positions regarding the economic impact of the Middle East conflict and reduce dependence on critical Chinese minerals.
The French Minister of Economy and Finance, Roland Lescure, emphasized the importance of multilateralism and its effectiveness in addressing global challenges.
With tensions escalating in geopolitical and trade relations, France aims to maintain dialogue ahead of the G7 summit in Evian in June.
Concerns over the economic consequences of conflicts and Iran’s blockage of the Strait of Hormuz were at the forefront of discussions among the G7 finance ministers.
The International Monetary Fund (IMF) anticipates slower global growth and higher inflation in 2026 due to current geopolitical and economic conditions.
The ministers discussed strategies to address rising oil prices, including avoiding measures that could exacerbate inflation, as emphasized by IMF director Kristalina Georgieva.
Efforts to maintain pressure on Russia through sanctions amid the Ukraine conflict were also on the agenda, with European Commissioner Valdis Dombrovskis supporting continued enforcement of sanctions.
Discussions also focused on resolving disagreements in international trade, addressing issues such as US tariffs and Chinese industrial overcapacity, and securing critical mineral supply chains.
The meeting highlighted the need for cooperation in combating terrorism financing, with a particular emphasis on Iran’s involvement. The G7, along with other allies, were urged to adhere to sanctions to prevent illicit financing.
The G7 meeting, which included central bank governors, took place following Donald Trump’s visit to Beijing, with no major announcements made.
