"The world has encountered a disturbing rise in incidents of economic coercion that seek to exploit economic vulnerabilities and dependencies and undermine the foreign and domestic policies and positions of G7 members as well as partners around the world," the statement read.
They also made a commitment to work together to ensure that attempts to weaponize economic dependencies "fail and face consequences."
"Recognizing the importance of existing joint efforts including at the WTO [World Trade Organization], we will enhance collaboration by launching the Coordination Platform on Economic Coercion to increase our collective assessment, preparedness, deterrence and response to economic coercion, and further promote cooperation with partners beyond the G7," the statement read.
Within the platform, the G7 countries will use early warning and rapid information sharing, regularly consult each other, collaboratively assess situations, explore coordinated responses, deter and, where appropriate, counter economic coercion, in accordance with the respective legal systems.
The Group of Seven leaders, together with their partners, commit to launching the so-called Hiroshima Action Statement for Resilient Global Food Security to address present and future food needs, according to their joint communique.
"We commit to taking concrete steps with partner countries as outlined in the annexed 'Hiroshima Action Statement for Resilient Global Food Security,' and call for broader cooperation in the international community," the statement read.
The G7 leaders oppose any unilateral attempts to change the status of territories by force anywhere in the world and seek to intensify their nuclear non-proliferation efforts toward the ultimate goal of a world without nuclear weapons.
"We will champion international principles and shared values by strongly opposing any unilateral attempts to change the peacefully established status of territories by force or coercion anywhere in the world and reaffirming that the acquisition of territory by force is prohibited," the statement read.
The leaders also said they are taking concrete steps to "strengthen disarmament and non-proliferation efforts, towards the ultimate goal of a world without nuclear weapons with undiminished security for all."
They also reiterated their commitment to the universalization, effective implementation, and strengthening of the Biological and Toxin Weapons Convention, as well as the Chemical Weapons Convention.
G7 leaders remain ready to build constructive and stable relations with China and call on Beijing to engage with the group, according to communique.
"We stand prepared to build constructive and stable relations with China, recognizing the importance of engaging candidly with and expressing our concerns directly to China," the group said, adding that "it was necessary" to communicate with Beijing.
There is no change in G7 leaders’ position on Taiwan, including the One China policy, it said.
"We reaffirm the importance of peace and stability across the Taiwan Strait as indispensable to security and prosperity in the international community… We call for a peaceful resolution of cross-Strait issues," the statement said.
The group also opposed Beijing’s military activities in the South China Sea.
"There is no legal basis for China’s expansive maritime claims in the South China Sea, and we oppose China’s militarization activities in the region," it said.
The G7 Summit is being held in Hiroshima from May 19-21 and focuses on the Ukrainian conflict, economic security, green investments, and developments in the Indo-Pacific region.
The leaders of India, Australia, Brazil, South Korea, Vietnam, Indonesia, Comoros, and the Cook Islands have been invited to participate in the G7 Summit as well as the heads of seven international organizations, including the United Nations, the World Bank, and the World Health Organization.