The Institute for Geoeconomics (Director: Kazuto Suzuki) submitted “Nine Check Items for the G7 Summit Highlighted by the Institute of Geoeconomics” to the Economic Security Policy Division of the Ministry of Foreign Affairs on May 11th and the International Public Relations Office of the Cabinet Office on May 13th, in preparation for the G7 Hiroshima Summit 2023.
The submission included principles for economic security, such as ” Economic security measures shall be consistent with the “rules-based international order” (Item 1) and ” Establishing “trusted networks of supply chains” shall be the aim among the G7 members for improving supply chain resilience.” (Item 2).
On May 2nd, the Institute of Geoeconomics invited think tanks, research institutions of universities, and personnel of embassies in Tokyo from G7 and the EU to an online meeting, and received feedback from attendees. The following think tanks and university research institutions participated in the online meeting:
・United States: Center for Strategic and International Studies (CSIS)
・Canada: Munk School of Global Affairs and Public Policy, University of Toronto
・Netherlands: Institute of International Relations Clingendael
・Germany: Mercator Institute for China Studies (MERICS)
・France: Montaigne Institute
Furthermore, some of the comments received in the online meeting pointed out that there is currently no unified interpretation of economic security among G7 countries, and there are differences in their views on WTO rules, which is a challenge. Therefore, some attendees suggested that it is necessary to concretize the concept of economic security and reach a consensus among G7 countries in the future. The Institute for Geoeconomics will also be mindful of these points.
As a Japanese think tank, the Institute for Geoeconomics will continue to collaborate with overseas think tanks and lead activities while making policy recommendations.
In May 2023, Japan will host the Hiroshima G7 Summit. It will be an unprecedented summit given the ongoing war waged against Ukraine by Russia. As such, this summit also presents a key opportunity for liberal democracies to unite and maintain sanctions against Russia while supporting Ukraine.. In response to the current geopolitical landscape, the need to maintain and strengthen the rules-based international order has been identified by the Japanese government as an important common issue. However, discontent might grow within the G7 countries as the war drags on, making it difficult for sanctions and support to continue. How will the G7 countries face these challenges? What kind of leadership should Japan provide?
The Institute of Geoeconomics (IOG) conducted a survey on economic security among 100 Japanese companies, marking its second implementation succeeding the survey of 2021 by the Asia Pacific Initiative (API). The survey reveals cost increase and anxiety for future operations of Japanese firms due to Russia’s invasion in Ukraine and sanctions on Russia, alongside their increased awareness of rising US-Chinese tensions and Taiwan Contingency. Struggling to find a balance between security and economic activities, Japanese firms have strengthened information security and supply chain resilience. We focus on what issues are at stake and how it is tackled by those firms by looking into details of the result.
・Amb. Ovidiu Dranga, Romanian Ambassador to Japan
・Rahm Emanuel, United States Ambassador to Japan
・Teimuraz Lezhava, Ambassador Extraordinary and Plenipotentiary of Georgia to Japan