The leaders of the group of the seven provisionally agreed on Monday a strategy to help protect the supply of critical minerals and strengthen their economies, according to a draft declaration seen by Reuters.
The draft, which a source said that it had not yet been approved by the president of the United States, Donald Trump, also said that mineral markets should reflect the real costs of responsible extraction, the processing and trade of critical minerals.
China’s decision in April to suspend exports from a wide range of critical minerals and magnets interrupted the necessary supplies for car manufacturers, manufacturers of computer chips and military contractors around the world.
Last week, Trump said the Chinese president, Xi Jinping, agreed to allow the flow of rare earth minerals and magnets to the United States.
Read more: EU and China reach commercial agreement that includes more flexible controls on rare crucial earth, says Trump
G7 addresses critical minerals before suspension of Chinese exports
Rare earth and other critical minerals, however, remain a source of influence for Beijing.
“Non -commercial policies and practices in the critical mineral sector threaten our ability to acquire many critical minerals,” said the draft.
“Recognizing this threat to our economies, as well as other diverse risks for the resistance of our critical mineral supply chains, we will work together and with partners beyond G7 to quickly protect our economic and national security.”
This includes anticipating the shortage of critical minerals, coordinating the responses to the deliberate disturbances of the market and diversifying mining, processing, manufacturing and recycling.
With Reuters information
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