G7 Finance Ministers To Discuss Iran War At Paris Meeting

PARIS, May 18 (Bernama-dpa) -- Finance ministers from the Group of Seven (G7) leading industrialised nations are set to meet in Paris from Monday to discuss the economic impact of the war in Iran and the blockade of the Strait of Hormuz.

The talks, which run until Tuesday, will also cover imbalances in global trade, the supply of critical raw materials, financing for developing countries and efforts to combat the financing of terrorism and organised crime.
Support for Ukraine is also on the agenda.

The G7 is an informal alliance of major industrialised nations comprising Germany, France, the United Kingdom, Italy, Japan, Canada and the United States. Central bank representatives from member states are also expected to attend. France holds the G7 presidency this year.

Germany will be represented by Finance Minister Lars Klingbeil of the centre-left Social Democrats.

Ahead of the meeting, Klingbeil warned of the economic consequences of the Iran war and a potential long-term closure of the Strait of Hormuz, describing it as a “serious threat to the global economy.”

“The war is causing massive damage to economic development,” he said in a statement before departing for Paris.

The Strait of Hormuz is one of the most important shipping routes for global oil and gas supplies.

Klingbeil said every effort must be made to “bring the war to a lasting end,” stabilise the region and ensure freedom of navigation. “As Europeans, our course is clear: we rely on cooperation rather than confrontation,” he added.

Finance ministers from Brazil, India, South Korea and Kenya are also expected to take part in the Paris talks.
--BERNAMA-dpa