G7 agrees to reduce dependence on critical minerals from China

Washington (ANTARA) - G7 finance ministers have agreed to strengthen cooperation with resource-rich countries and multilateral development banks to reduce dependence on critical minerals from China. The agreement was reached during a meeting in Washington with partner countries and mineral producers, including Indonesia, India, Australia, and Argentina. “We discussed strengthening critical mineral supply chains. This is a mutually beneficial situation because supplies can be secured from various countries,” said Japanese Finance Minister Satsuki Katayama. She added that such cooperation opens up new business opportunities and growth for resource-producing countries. “Given the potential for collaboration, I believe this has significant prospects,” she said. The meeting, co-chaired by France and Japan, was also attended by leaders from the World Bank and the Asian Development Bank (ADB). A Japanese official stated that the initiative aims to diversify supply chains and reduce excessive global dependence on China. Unlike the US proposal to form a “preferential trade zone,” the French approach is considered more realistic as it focuses on mutually beneficial business projects. China currently mines around 70% of the world’s rare earth metals, 90% of which are refined. These minerals are essential for high-tech industries. Katayama emphasised the importance of reducing dependence on China, which she assessed could exploit critical mineral supplies as a “weapon.”