G7 finance ministers stress significance of critical minerals

(MENAFN) Canada, leading the G7 group of advanced economies, and its partners highlighted the need for stable and responsible production and distribution of critical minerals during a virtual finance ministers’ meeting on Monday, according to reports.

Chaired by Canada’s Finance Minister Francois-Philippe Champagne, the session included representatives from Australia, Chile, India, Mexico, and South Korea. Canada urged participating nations “to recognize the strategic role these countries play in global supply chains for critical minerals,” the statement said.

The ministers reviewed developments under the G7 Critical Minerals Action Plan, first adopted at the leaders’ summit in Kananaskis, Alberta, in June. The plan seeks to “advance global supply chains that meet standards of transparency, diversification, security, sustainable mining practices, trust and reliability.”

Officials expressed concern over the use of non-market measures, such as export controls, on critical mineral supply chains, warning that such actions could disrupt the global economy through price fluctuations and slower growth.

The G7 statement also reaffirmed the group’s “unwavering support for Ukraine” and welcomed a new staff-level agreement between the IMF and Kyiv. The ministers confirmed that Ukraine will remain a priority for the G7 as France prepares to assume the rotating presidency in January.

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