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

LONDON, March 29 (Reuters) – Britain’s finance minister urged 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.

In a statement released by her ministry, it was stated that Rachel Reeves will meet with G7 finance ministers, energy ministers and central bank governors when she will say that the G7 “must act together, not in a way that shifts the pressure on partners or undermines collective resilience”.

The rich countries of the Group of Seven (G7) include the USA, the UK, Canada, France, Germany, Italy and Japan, and the European Union.

Reeves is expected to say that while protectionism and new trade barriers can disrupt supply chains and increase costs, cooperation is vital to keep energy and goods flowing and lower bills over time.

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

(Reporting by Catarina Demony; Editing by Helen Popper)