G7 Officials Call for 'Varied Policy Toolbox' to Address Chip Supply Chain Issues
Group of 7 officials meeting in Rome last week said they have made progress on semiconductor supply chain issues and stressed the importance of addressing industrial policies that are unfairly propping up certain domestic chip industries.
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The G7 ministers “emphasized the need to build and strengthen resilient and reliable supply chains, especially for semiconductors, and underscored the importance of leveraging a comprehensive and varied policy toolbox,” according to a summary of the meetings released by the Italian chair. They also discussed “non-market policies and practices in the semiconductor industry as an urgent and pressing matter to be addressed” and endorsed an “information sharing mechanism” that G7 members can use to work together to manage possible crises in the chip supply chain.
They said they plan to continue working on semiconductor issues when Canada assumes the G7 presidency next year.
The meetings featured Canada, France, Germany, Italy, Japan, the U.K., the U.S. and the EU.