Paris, May 19 (QNA) – The finance ministers of countries part of the Group of Seven (G7) have renewed their commitment to multilateral cooperation in addressing risks threatening the global economy.

Emphasizing the need for the swift and safe restoration of freedom of navigation in the Strait of Hormuz, the finance ministers of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States said they remain committed to ensuring stability in energy markets, calling on all countries to avoid imposing arbitrary export restrictions.

Speaking after the G7 finance ministers’ meeting on Tuesday attended by US Treasury Secretary Scott Bessent, French Finance Minister Roland Lescure said that the two days of talks among the world’s major economies were sometimes difficult.

“We have had frank, sometimes difficult, direct discussions to find long-term and short-term solutions to major global economic challenges in order to guarantee economic stability,” he added.

Economic uncertainty has increased risks to growth and inflation amid the ongoing conflict in the Middle East, Lescure said, noting that the final communique highlighted the pressures facing energy, food, and fertilizer supply chains, which particularly affect the most vulnerable countries.

The Paris meeting took place while France holds the rotating presidency of the G7 and serves as a lead-up to a summit scheduled to be held in France in June. (QNA)