G7 to launch new scheme to diversify global supply chains by year-end
(VOVWORLD) - Finance leaders of the Group of Seven (G7) advanced economies set a year-end deadline for launching a new scheme to diversify global supply chains, to ensure energy security at the conclusion of G7 Finance Ministers and Central Bank Governors meeting in Niigata, Japan, on Saturday.
 G7 Finance Ministers and Central Bank Governors in Niigata, Japan on May 12, 2023. (Photo: Kyodo/VNA) |
Under the new partnership scheme, the G7 economies would offer aid to low- and middle-income countries so they can play a bigger role in supply chains for energy-related products. “Diversification of supply chains can contribute to safeguarding energy security and help us to maintain macroeconomic stability,” the meeting’s draft communique said. The G7 would work with interested countries and relevant international organizations with the aim of launching the scheme “by the end of this year at the latest,” it said.