The Group of Seven largest economies vowed Friday that they will commit to developing cooperation with China on matters of mutual interest and noted the need for a peaceful settlement of the Taiwan issue.

"We, the G7 members, aim for constructive cooperation with China, where possible and in our interest, in particular on global challenges like peace and security, global health, the climate and biodiversity crisis, and the conservation of natural resources. These challenges can only be tackled successfully through cooperation within the rules-based international order," a statement said.

The importance of peace and stability in Taiwan was also noted by the group that called for peacefully resolving the problems around the Taiwan Strait.

The G7 states added that their stances on the One China principle have not changed.

The situation in the region escalated following US House Speaker Nancy Pelosi's August visit to Taiwan. China’s Foreign Ministry slammed Pelosi's visit and said US and Taiwan separatist forces should bear all consequences of the measures China will take in response. Despite this, several states, including Germany, sent delegations to the island ever since, which further increases tensions in the Taiwan Strait.

Beijing regards Taiwan as its sovereign territory and promises that it will eventually be reintegrated with the mainland under the "one country, two systems" model. Taiwan has been governed independently since breaking away from mainland China in 1949.

Although the US officially claims to support the One China Policy, it has long maintained unofficial relations with Taipei, including the supply of arms to the island.

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