Department of Finance Canada reports on Minister Champagne’s G7 and G20 finance meetings focused on trade uncertainty and supply chain resilience

The Department of Finance Canada published an update on Minister François-Philippe Champagne’s participation in the G7 and G20 meetings of Finance Ministers and Central Bank Governors in Durban, South Africa, including the fourth G7 finance track meeting held under Canada’s 2025 G7 Presidency. Discussions centred on cooperation among partner countries to address trade and economic policy uncertainty, alongside broader debates on the global economy and the international financial system. At the G20, Champagne outlined Canada’s views on the global economy, the international financial architecture and international taxation, and discussed ways to improve Africa’s longer-term growth prospects, with sustainable finance and resilient infrastructure featuring in the agenda. On the margins, he held bilateral meetings with counterparts from Indonesia, Australia, the United Arab Emirates, Norway, Sweden, Singapore, Italy, the United Kingdom, Saudi Arabia and Japan, and met with South Africa and Denmark. Co-chairing the G7 session with Bank of Canada Governor Tiff Macklem, participants discussed establishing new uninterrupted trade routes with reliable partners, lifting barriers to trade, Russia’s war against Ukraine, and measures to strengthen supply chain resilience including for critical minerals, with Australia and South Korea joining the supply chain discussion. The release also reiterates that Canada assumed the G7 Presidency on January 1, 2025 and is hosting a programme of G7 engagement group and ministerial meetings during 2025, including alongside other international meetings abroad, following the Leaders’ Summit in Kananaskis in June and a May G7 finance meeting in Banff.