G7 finance chiefs move to diversify supply chains

AFP, Niigata :
The G7 plans to launch a partnership scheme to diversify supply chains this year, ministers from the group said Saturday following finance talks in Japan ahead of a major summit next week.
The ministers did not directly mention efforts to reduce reliance on trade with China or Russia as motivation for the new framework, which focuses on clean energy technology.

But after meeting her Japanese counterpart, US Treasury Secretary Janet Yellen pointed to recent shocks to the global economy.
“Spillovers from Russia’s war against Ukraine and disruptions caused by the pandemic have made clear the importance of diversified and resilient supply chains,” she told reporters.