Finance ministers from the Group of Seven (G7) nations have agreed to maintain a united approach in addressing export control measures related to rare earths and to strengthen efforts toward diversifying global supply sources, according to European Economic Commissioner Valdis Dombrovskis.
Speaking during the International Monetary Fund meetings in Washington, Dombrovskis emphasized that the G7 partners shared mutual concerns regarding the expanding scope of export controls on critical minerals, which now affect various parts of the global value chain.
“It was clear that G7 partners have shared concerns about these new extensive export controls, expanding both the scope of minerals covered and their reach across the value chain,” Dombrovskis said.
He added that G7 members agreed to coordinate engagements with counterparts to find short-term solutions while also advancing long-term strategies for supply chain resilience and diversification.
“This work is not new, but we see a need to accelerate efforts to ensure stability and sustainability in critical mineral supply chains,” Dombrovskis noted.
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