Paris, May 19 (SANA) Finance ministers of the Group of Seven (G7) countries emphasized the need to reopen the Strait of Hormuz, underlining the importance of addressing global economic imbalances and strengthening multilateral cooperation to confront risks facing the global economy.
In a joint statement issued following their meeting in Paris, ministers from Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States reaffirmed their commitment to ensuring energy market stability, calling on all countries to avoid imposing arbitrary export restrictions.
The statement highlighted the strategic importance of the Strait of Hormuz as a vital artery for global energy trade, stressing the need to refrain from unilateral actions that could disrupt international trade and exports.
Growing economic uncertainties
The ministers discussed increasing challenges facing the global economy amid rising uncertainty, pledging continued joint efforts to address financial and economic risks.
They also reviewed the impact of the ongoing conflict in the Middle East on global financial markets, reiterating their commitment to maintaining stable energy markets and strengthening supply security.
Critical resources and global cooperation
The G7 further emphasized the importance of coordinated international efforts to address challenges related to critical minerals, as global demand continues to rise in technology and energy sectors.
Earlier, German Finance Minister Lars Klingbeil noted that the G7 provides an appropriate platform to discuss ways to permanently end the ongoing war and its repercussions, including the blockade affecting the Strait of Hormuz, which poses a serious threat to the global economy.
The Strait of Hormuz remains one of the world’s most crucial maritime routes, with approximately 20 percent of global oil supplies passing through it, making its stability essential for international energy markets.
M.Q.R
