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G7 finance chiefs talk cyber security in Bari after attacks

20 May 2017

In the final communique, the ministers and governors only mentioned that they were "working to strengthen the contribution of trade to our economies".

"We recognize that cyber incidents represent a growing threat for our economies and that appropriate economy-wide policy responses are needed", the countries' finance ministers and central bankers said in the statement.

Populist anger at trade, globalization and manufacturing job losses fueled Trump's ascent to the USA presidency, played a role in Britain's decision to exit the European Union, and propelled an antiglobalism candidate into the French presidential runoff vote earlier this month.

G7 finance ministers turned their focus Saturday to combating cyber crime in what Italy's Pier Carlo Padoan described as an "unfortunately very timely" discussion. "'All the six others. said explicitly, and sometimes very directly, to the representatives of the US administration that it is absolutely necessary to continue with the same spirit of worldwide cooperation, ' French Finance Minister Michel Sapin told reporters".

"People are much more comfortable today now that they've had the opportunity to spend time with me and listen to the president and listen to the economic message on what the economic agenda is, and that's about creating growth in the United States", Mnuchin told reporters after the meeting.

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Mnuchin said his meetings with finance leaders had led to better understanding of the USA president's position that trade must be fair and balanced as well as open.

Tense trade talks have dominated the meetings.

Many G-7 countries had been particularly concerned about the USA rolling out a border tax that could choke exports to the country.

Finally, the G7 financial leaders took the first steps to develop a coordinated taxation approach towards digital economy, and asked the Organization for Economic Cooperation and Development (OECD) to develop a series of policy options in an interim report due in spring 2018.

Mnuchin said "this is a big priority for the president".

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On Saturday, the Finance Ministers of the G-7 countries, which are Canada, France, Germany, Japan, Italy, the United States and U.K., are going to discuss how to make growth more inclusive, how to illicit money flows, and how to fight tax evasion, reported ABC News, according to Focus News Agency.

The G-7 is made up of Canada, France, Germany, Japan, Italy, the United States, and the United Kingdom.

A Group of Seven communique issued on Saturday said officials were "working to strengthen the contribution of trade to our economies" - a weaker pledge than the statement from the Group of 20 leaders previous year to avoid protectionism in all its forms.

Trump will decide whether to quit the global Paris agreement on climate change - a campaign promise - after meeting leaders at a G7 summit on May 26-27, the White House has said.

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G7 finance chiefs talk cyber security in Bari after attacks