G-7 Finance Chiefs Discuss Supply Chains for Critical Minerals

Japanese Finance Minister Satsuki Katayama told reporters after the meeting that the participants agreed to continue talks, also in cooperation with foreign and trade ministers of the G-7 member economies, on diversifying supply chains for rare earths and other important minerals whose supplies are heavily dependent on specific countries.

The finance chiefs shared the view that it is important to demonstrate the G-7 members' cooperative stance, she added.

Katayama also said she told the virtual meeting that it is necessary to work on producing concrete results with a sense of urgency.

Issues related to critical minerals will also be discussed also at a meeting of G-7 foreign ministers next week, according to Katayama.

The G-7 finance chiefs also exchanged views on rectifying the global macroeconomic imbalances, a priority issue for France, this year's G-7 chair, as well as revamping international partnerships with developing countries.

They also agreed to continue supporting Ukraine, which has been invaded by Russia, as a matter of priority.

France said in a statement that economic security, resilience and diversification of supply chains for critical minerals and rare earths are essential for growth and sovereignty.

On growing international tensions, French finance minister Roland Lescure emphasised at the online meeting that cooperation and dialogue, not fragmentation, are important for collective interest.

The G-7 groups Britain, Canada, France, Germany, Italy, Japan and the United States, plus the European Union.

[Copyright The Jiji Press, Ltd.]