HomeEuropeUK's Reeves to warn G7 against unilateral trade moves during Iran war

UK’s Reeves to warn G7 against unilateral trade moves during Iran war

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LONDON, March 29 (Reuters) - ‌Britain's finance minister will urge ​her G7 counterparts on Monday not to pursue unilateral ⁠measures such as new trade barriers while the Iran war continues, saying such steps ​could further threaten energy security.

During a meeting with G7 ‌finance ministers, energy ministers and central bank governors, Rachel Reeves will say the G7 "should act together, ⁠not in ways that shift ⁠pressure onto partners or weaken collective resilience", a statement released by her ministry said.

The Group of Seven (G7) wealthy nations includes the U.S., ‌Britain, Canada, France, Germany, Italy and Japan, along ⁠with the European Union.

Reeves ‌is expected to say that ​protectionism and new trade barriers could disrupt supply chains and drive up costs, and that ‌cooperation is vital to keep ​energy and goods ⁠flowing and to bring down bills ‌over time.

The war on ⁠Iran launched by the U.S. and Israel on February 28 has spread across the Middle ​East, killing thousands ‌of people and hitting the world economy with ⁠the biggest-ever disruption to ​global energy supplies.

(Reporting by Catarina Demony; ​Editing by Helen Popper)

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