Trade ministers from the Group of Seven economies are set to agree on the acceleration of efforts to set common standards for the procurement of critical goods when they wrap up their meeting in southern Italy later Wednesday, according to a draft of their joint statement. Based on uniform standards, the G7 economies will consider factors other than prices when acquiring critical materials in an effort to make supply chains more resilient by reducing dependency on particular countries, the draft showed, at a time China is being accused of coercive trade practices. In the statement, the ministe…