Canadian Finance Minister Francois-Philippe Champagne chaired a virtual meeting of G7 finance ministers on Monday, focusing on key issues surrounding export controls and critical minerals.
The meeting, which included representatives from major global economies, highlighted concerns regarding the impact of non-market policies on critical mineral supply chains.
According to a statement from the Canadian Finance Ministry, a major point of consensus among the ministers was the concern over the application of export controls to critical minerals. These policies, the ministers noted, have the potential to lead to significant negative macroeconomic consequences, including increased price volatility and a deterioration in global growth prospects.
The discussion underscored the importance of maintaining stable and open global markets for critical minerals, which are essential for industries such as technology, energy, and manufacturing. With the growing demand for minerals like lithium, cobalt, and rare earth elements—used in the production of batteries, electronics, and renewable energy infrastructure—the G7 ministers recognized the risks posed by export restrictions and supply chain disruptions.
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 intensifies.
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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