WIREDGOV

EXPERT COMMENT

Japan’s G7 presidency is a chance to narrow differences on economic security, strengthen member coordination, and step-up engagement with non-G7 countries.

Economic security is a central theme of Japan’s G7 presidency as an increasingly important dimension of national security, and Japan is keen to strengthen international collaboration to bolster its burgeoning economic security policies.

The country is at the forefront of recent economic security developments, introducing the Economic Security Promotion Act in 2022 and creating a cabinet-level minister for economic security. But other countries and blocs are also advancing their own economic security agendas.

The Donald Trump administration first introduced the notion that ‘economic security is national security’ as part of the 2017 US National Security Strategy. Since then, China’s growing assertiveness and Russia’s invasion of Ukraine highlight that threats to economic security are rising.

The European Union (EU) is developing its toolbox to strengthen supply chain resilience, export controls, and investment screening as well as tackle non-market policies and economic coercion. And the European Commission will soon present a new Economic Security Strategy.

There is a growing recognition that strengthening economic security requires cooperation with like-minded partners. At the 2022 G7 summit, leaders committed to enhance collaboration and explore mechanisms to improve economic security. The 2023 G7 summit could advance a cooperative agenda on economic security by prioritizing five aspects.

Click here to continue reading the full version of this Expert Comment on the Chatham House website.