‘We are going to show that multilateralism is useful,’ French finance minister says

French Finance Minister Roland Lescure said Monday that the G7 would demonstrate the usefulness of multilateralism as finance ministers gather in Paris amid ongoing tensions in the Middle East.

"I think today we are going to show that multilateralism is useful and that it works," Lescure told reporters ahead of the meeting, which will continue through Tuesday.

He stressed the need to show the world that countries can address ongoing challenges together and engage with one another, pointing to unsustainable global imbalances, the growing importance of raw materials and critical minerals, and crises severely affecting vulnerable countries.

"The way global growth is unfolding today is clearly unsustainable. We must address this and commit to one another to ensure that we return to a more sustainable growth model," Lescure said.

The meeting comes as regional tensions have escalated since the US and Israel launched strikes on Iran on Feb. 28, prompting retaliatory attacks by Tehran and disruptions in the Strait of Hormuz.

A ceasefire took effect April 8 through Pakistani mediation, but talks in Islamabad failed to secure a lasting agreement. The truce was later extended by US President Donald Trump without a specified deadline.

Since April 13, the US has enforced a naval blockade targeting Iranian maritime traffic in the strategic waterway.