G7 reaches consensus on China dumping, human rights abuses -U.S. official
Reuters
Published Jun 12, 2021 19:32
CARBIS BAY, England (Reuters) - G7 leaders have reached consensus on the need for a shared approach to China selling exports at unfairly low prices and to human rights abuses, a senior official in the U.S. President Joe Biden's administration said on Saturday.
The official, speaking on condition of anonymity, said the leaders of the Group of Seven world's largest advanced economies had also agreed on the need to coordinate on supply chain resilience to ensure democracies are supporting each other.
"I would say there was unanimity in terms of a willingness to call out human rights abuses and violations of fundamental freedoms that invoke our shared values," the official said.
"There was commitment to take action in response to what we're seeing." The official said the G7 had moved far from three years ago when the final communique made no mention of China.
Under the legal structure of the World Trade Organization, the designation of China as a "non-market economy" allows its trading partners, including the United States, to use a special framework to determine whether China's exports are being sold at unfairly low prices and, if that is found to be the case, to apply additional anti-dumping duties.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.