Export controls and critical minerals were key issues of discussion when G7 finance ministers met virtually on Monday (8 December). Countries continue to look at alternatives to move away from China's dominance in the rare-earth sector.
Canadian Finance Minister Francois-Philippe Champagne chaired the gathering which included representatives from major global economies and the International Monetary Fund (IMF), the World Bank, the Organization for Economic Co-operation and Development (OECD), and the Financial Stability Board. He highlighted concerns regarding the impact of non-market policies on critical mineral supply chains.
"An important point of consensus was the concern regarding the application of non-market policies, including export controls, to critical minerals supply chains, citing significant negative macroeconomic consequences, increased price volatility, and a deterioration in global growth prospects," the ministry said in a joint statement.
Critical minerals are essential for industries such as technology, energy, and manufacturing. With the growing demand for minerals such as lithium, cobalt, and rare earth elements—used in the production of batteries, electronics, and renewable energy infrastructure—the G7 ministers recognised the risks posed by export restrictions and supply chain disruptions.
China outlined new curbs on foreign access of rare earths and related technologies in October, extending controls over the use of the elements critical for many products.
The meeting comes as China's rare earth sales jumped again last month after President Xi Jinping and U.S. President Donald Trump came to an agreement on trade tariffs.
The finance ministers expressed their commitment to finding solutions that would protect the global economy from the adverse effects of such trade barriers while ensuring the responsible and sustainable management of critical mineral resources.
They also acknowledged the need for international cooperation to address these challenges, particularly as the global transition to green energy technologies and digital economies intensify.
While the meeting did not announce specific policy measures, the G7’s collective stance on export controls reflects an ongoing effort to navigate the complexities of global supply chains and secure the stability of markets for critical minerals, which are increasingly vital to the future of the global economy.
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Finance ministers from the Group of Seven (G7) have urged the International Monetary Fund (IMF) and the World Bank to increase support for countries hardest hit by the conflict in the Middle East.
Finance leaders from the Group of Seven (G7) have indicated they are prepared to step in if needed, to shield the global economy from the fallout of the war involving Iran, as concerns grow over rising energy prices and supply disruptions.
After U.S. President Donald Trump said he would pause attacks on Iran’s energy infrastructure for 10 days, G7 Foreign Ministers, including the U.S., called for an end to attacks on civilians in the Iran war.
G7 foreign ministers have condemned attacks on civilians in the Iran war and demanded the free and safe passage of ships through the Strait of Hormuz.
A peace agreement between Washington and Tehran is yet to materialise, with U.S. President Donald Trump saying that negotiations are incomplete and an Iranian Foreign Ministry Spokesman saying that a deal isn't imminent.
Start your day informed with the AnewZ Morning Brief. Here are the top stories for 25th May, covering the latest developments you need to know.
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The UK is experiencing potentially record-breaking temperatures after forecasters confirmed some areas reached highs close to 34°C on Monday.
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