Ishiba calls for strengthening multilateral free trade system at G7 summit
Japanese Prime Minister Ishiba Shigeru says it is imperative to maintain and strengthen the multilateral free trade system, with the World Trade Organization at its core.
Ishiba made the remark during the first session of the Group of Seven summit that opened in Canada on Monday. G7 leaders discussed the global economic outlook in the session.
The prime minister noted that the world economy is facing increasing uncertainties due to heightened tensions in various regions, as well as natural disasters.
He stressed that the G7 nations need to be united to lead the international community for the realization of a free and fair economic order based on rules.
Ishiba also said the WTO has been providing a base essential for the global economy to grow and that it has benefitted the G7 nations.
Ishiba also emphasized that nations, including G7 members, should strengthen one another's economies through investments.
The prime minister and other G7 leaders agreed on the need to jointly take the initiative to address issues the world economy is facing.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
NHK
5 hours ago
- NHK
Japan's top trade negotiator, US Commerce chief hold phone talks
Japanese Economic Revitalization Minister Akazawa Ryosei has spoken with US Commerce Secretary Howard Lutnick over the phone twice in addition to their face-to-face talks in Washington. The Japanese government said the two officials talked on the phone for about 15 minutes on Saturday morning and about 20 minutes in the evening during Akazawa's stay in the US. The two sides are said to have confirmed one another's position regarding the US tariff measures, and discussed trade expansion, non-tariff measures and cooperation in economic security. Akazawa and Lutnick confirmed they will continue to vigorously coordinate to realize a mutually beneficial agreement in their in-person meeting on Friday. The additional phone talks took place while Akazawa has postponed his trip back to Japan in an apparent bid to strengthen negotiations.
Japan Today
13 hours ago
- Japan Today
G7 agrees to avoid higher taxes for U.S. and UK companies
FILE PHOTO: A man walk past the G7 members flags at the Manoir Richelieu before the G7 Foreign Ministers summit in La Malbaie, Quebec, Canada March 12, 2025. REUTERS/Mathieu Belanger/File Photo By Harshita Meenaktshi, Bipasha Dey and Promit Mukherjee The United States and the Group of Seven nations have agreed to support a proposal that would exempt U.S. companies from some components of an existing global agreement, the G7 said in a statement on Saturday. The group has created a 'side-by-side' system in response to the U.S. administration agreeing to scrap the Section 899 retaliatory tax proposal from President Donald Trump's tax and spending bill, it said in a statement from Canada, the head of the rolling G7 presidency. The G7 said the plan recognizes existing U.S. minimum tax laws and aims to bring more stability to the international tax system. UK businesses are also spared higher taxes after the removal of Section 899 from President Donald Trump's tax and spending bill. Britain said businesses would benefit from greater certainty and stability following the agreement. Some British businesses had in recent weeks said they were worried about paying substantial additional tax due to the inclusion of Section 899, which has now been removed. "Today's agreement provides much-needed certainty and stability for those businesses after they had raised their concerns," finance minister Rachel Reeves said in a statement, adding that more work was need to tackle aggressive tax planning and avoidance. G7 officials said that they look forward to discussing a solution that is "acceptable and implementable to all". In January, through an executive order, Trump declared that the global corporate minimum tax deal was not applicable in the U.S., effectively pulling out of the landmark 2021 arrangement negotiated by the Biden administration with nearly 140 countries. He had also vowed to impose a retaliatory tax against countries that impose taxes on U.S. firms under the 2021 global tax agreement. This tax was considered detrimental to many foreign companies operating in the U.S. © Thomson Reuters 2025.
NHK
20 hours ago
- NHK
Israeli ambassador to attend Nagasaki peace ceremony on August 9
Israel's ambassador to Japan has expressed his intention to attend this year's peace ceremony marking the US atomic bombing of Nagasaki. The city did not invite Israel for the annual August 9 event last year. Gilad Cohen made the remarks during a news conference at the Foreign Correspondents' Club of Japan in Tokyo on Friday. Describing the ceremony as important, Cohen said, "This shows the respect of the Israeli people to the Japanese people in this very difficult moment of remembrance and mutual understanding of the importance of peace." Last year, Nagasaki City decided not to extend an invitation to the Israeli ambassador, as it sought to hold the ceremony smoothly in a calm and solemn atmosphere. Ambassadors from the Group of Seven nations, excluding Japan, also skipped last year's event. For this year's ceremony, Nagasaki has invited all countries and regions with representatives in Japan. The Russian Embassy in Japan said on Friday that Ambassador Nikolay Nozdrev will attend. Russia and Belarus had been excluded until 2024. British Ambassador to Japan Julia Longbottom also expressed her intention to attend when she visited Nagasaki earlier this month. The ambassador was absent last year.
