OECD ministers sound alarm on economic coercion

Ministers of the Organisation for Economic Co-operation and Development have wrapped up a two-day meeting in Paris with a statement expressing "serious concerns" about economic coercion.

This year's Ministerial Council of the 38-member group was chaired by Japan. The talks closed on Friday.

The ministers condemn Russia's invasion of Ukraine "in the strongest possible terms."

They also express "deep concern" about the negative impacts of conflicts in the Middle East.

The ministers affirm their commitment to building economic resilience and security.

Economic coercion refers to the practice of pressuring trading partners through restrictions or tariffs.

Apparently with China in mind, the ministers vow to ensure that "attempts to weaponise economic dependencies will fail."

Japan's Foreign Minister Kamikawa Yoko said Japan contributed to making the talks fruitful despite deepening divisions in the global community.

She added that the meeting has laid the groundwork for sharing ideas in the field of economic security.