The end of 'decoupling'?

A more nuanced vision of the future of supply chains and economic security has emerged from the G7 summit

Mihir S Sharma
supply chain

Illustration: Ajay Mohanty

Central to the agenda of the summit of the Group of Seven (G7) countries, which has just concluded in the Japanese city of Hiroshima, was the question of how to deal with China’s growing economic power. For the Japanese G7 presidency, economic security, economic coercion, and economic resilience were the questions that the G7 should address. And that is a crucial reason why Prime Minister Fumio Kishida ensured that not just India, but also Brazil, Indonesia, Vietnam, and South Korea had a place at the G7 table. These countries will be crucial in determining the success of any effort to ensure China’s economic rise does not imply geo-economic dominance and geopolitical bullying.
The eventual communique from the G7 summit noted that the grouping agreed on “co-operation” to “support a more significant role for low and middle-income countries in supply chains” and that it would “address non-market policies and practices desig
Disclaimer: These are personal views of the writer. They do not necessarily reflect the opinion of or the Business Standard newspaper

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First Published: May 21 2023 | 10:08 PM IST

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