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Giorgetti participates in G7 Finance in Niigata

Summit confirms commitments on development and security global economy, support for Ukraine and joint climate efforts

Rome, 12 May 2023 – Stability and growth in the global economy, support for Ukraine and action against companies violating sanctions on Russia, but also climate change action, supply chains, international taxation and health financing were among the topics on the agenda at the G7 Finance meeting in Niigata, Japan.

On behalf of Italy, Minister Giancarlo Giorgetti attended the summit and said, “Economic security is a central issue, all the more so in connection with the green and energy revolutions, where most of the critical raw materials come from countries that are in some way influenced by or have relations with China. Certainly, a strategic assessment is required not only for Italy but for all G7 countries.”

In the final G7 communiqué, the Finance Ministers emphasised that the global economy has shown resilience against multiple crises, including the pandemic, Russia's war against Ukraine and inflation, and pledged to remain vigilant, agile and flexible in macroeconomic policies but also to monitor developments in the banking and financial sector. Support for Ukraine and neighbouring countries was also confirmed, as well as joint efforts to mobilise climate finance and work on diversifying supply chains.

On the sidelines of the summit, Minister Giorgetti met in bilateral meetings with Jeremy Hunt, Chancellor of the Exchequer of Great Britain, Choo Kyung-ho, South Korea’s Minister of Economy and Finance, and Eurogroup President Paschal Donohoe.

The meeting with Hunt provided an opportunity to strengthen the friendship between the two countries, take stock of the respective economies, and discuss the geopolitical situation. In particular, Giorgetti stressed that “Italy can play a strategic role if it manages to use its central position in the Mediterranean to act as a bridge for energy from Africa to the North of the world.” Giorgetti and Hunt also talked about the upcoming Italian presidency of the G7 and delved into topics related to the consequences of the Inflation Reduction Act, as well as the negotiations on global taxation and the Italy-Great Britain convention to avoid double taxation.

The bilateral meeting between the Italian Minister of Economy and Finance and Choo Kyung-ho was also an opportunity to broaden the horizon of economic and international discussion and to start presenting Italy's upcoming G7 presidency for 2024.

Instead, the Mes and the new European governance were the main topics discussed between Giorgetti and Eurogroup President Paschal Donohoe; the Minister renewed his willingness to dialogue on the treaty if introduced within a framework of changes already put forward by Italy, in particular the temporary exclusion of certain expenses for investments in the digital sphere and for the green transition, including those of the NRRP.

Representatives of Brazil, Comoros, South Korea, India, Indonesia and Singapore were also invited to the G7 Finance meetings chaired by Japan, which were also attended by central bank governors and the European Union.