The G7 will agree on principles regarding suppliers of critical goods.

The G7 countries at the summit in Italy, in a joint statement on economic security, will agree on common principles regarding suppliers of critical goods, which will avoid dependence on any one country.

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Based on these principles, the group countries will develop specific criteria for suppliers in the future. This will be done to avoid dependence on one supplier country as Chinese semiconductors and electric vehicles actively capture the market in Europe.

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In the case of public procurement, countries will rely not only on the prices offered, but also on the supplier’s compliance with principles such as satisfactory cybersecurity measures against cyber-attacks, protection against leaks and misuse of information, protection of workers’ rights – absence of forced labor and racial discrimination, as well as transparency of production and materials.

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The G7 summit opens today in Italy.