Investing.com -- Finance ministers from the Group of Seven nations issued a joint statement on Tuesday addressing global economic risks and calling for the reopening of the Strait of Hormuz amid ongoing conflict in the Middle East.

The ministers from Canada, France, Germany, Italy, Japan, the United Kingdom and the United States held what they described as a productive and frank exchange of views on the current global economic and financial landscape.

The statement acknowledged that global economic uncertainty has heightened risks to growth and inflation amid the ongoing conflict in the Middle East. The ministers said it was imperative to reopen the Strait of Hormuz and committed to closely monitoring impacts on global growth and financial market conditions.

The G7 ministers reaffirmed their commitment to multilateral cooperation in addressing risks to the global economy and said they remained committed to stable energy markets. They called on all countries to avoid arbitrary export restrictions.

On global trade imbalances, the ministers said countries with large and persistent external deficits should undertake policies that include supporting domestic savings and fiscal consolidation. They welcomed coordinated action regarding tackling global current account imbalances and noted that large and persistent global current account imbalances could further exacerbate trade tensions.

The statement called for further strengthening the ongoing surveillance of external imbalances within the International Monetary Fund's bilateral and multilateral surveillance framework. The ministers also called for the IMF and the Organisation for Economic Co-operation and Development to strengthen their analysis of imbalances.

The G7 finance ministers also welcomed a joint statement by seven multilateral development banks pledging coordinated support to address the impacts of the Middle East conflict and reaffirmed their unwavering support for Ukraine.