G-7 Ministers Agree to Diversify Rare Earth Supply Chains

Tokyo, Dec. 9 (Jiji Press)–Finance ministers from the Group of Seven major powers have released a joint statement reaffirming cooperation to diversify global supply chains for rare earth minerals. “We will continue to collaborate with international allies and industry partners to reduce single-source dependencies and strengthen our economic resilience,” the statement, issued after an online meeting Monday night, said regarding a risk that rare earth supplies from China may suddenly stop. The meeting brought together the G-7 countries of Britain, Canada, France, Germany, Italy, Japan and the United States. Other participants included nonmembers, such as rare earth producers Australia and Chile, as well as South Korea and India. A similar meeting will be held later this month to continue discussions. “We agreed that the use of nonmarket policies and practices to disrupt critical minerals supply chains can have significant negative global macroeconomic consequences,” the statement said. Speaking to reporters after the online meeting, Finance Minister Satsuki Katayama said that she told other participants that critical minerals that have gained price competitiveness through disregard for human rights, environmental and other standards must not be allowed to occupy a monopolistic position in the market. END [Copyright The Jiji Press, Ltd.]