G7 Underscores Need for Reliable Critical Mineral Supply Chains

(MENAFN) Canada, serving as chair of the G7 consortium of leading economies, together with its international partners, highlighted the crucial significance of consistent and accountable extraction and distribution of vital minerals during a virtual assembly of finance ministers on Monday.

This gathering—presided over by Canada’s Finance Minister, Francois-Philippe Champagne—featured delegates from Australia, Chile, India, Mexico, and the Republic of Korea.

Canada urged these nations "to recognize the strategic role these countries play in global supply chains for critical minerals," according to an official statement.

As outlined in the meeting summary, the G7 finance chiefs assessed developments linked to the G7 Critical Minerals Action Plan, initially endorsed at the leaders’ summit in Kananaskis, Alberta, last June.

The initiative "aims to advance global supply chains that meet standards of transparency, diversification, security, sustainable mining practices, trust and reliability."

Participants also voiced apprehension about "the application of non-market policies, including export controls, to critical minerals supply chains," warning that such measures could generate harmful repercussions for the world economy—such as unstable pricing and diminished expansion.

Furthermore, the statement noted that the G7 "reiterated their unwavering support for Ukraine" and acknowledged a fresh staff-level arrangement between the IMF and Ukraine, reaffirming that the nation "will remain among the G7's priorities going forward as France assumes the rotating presidency in January."

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