G7 trade ministers are meeting in Reggio Calabria, Italy, to discuss strategies for securing supply chains of critical minerals essential for the global green and digital transitions. A primary focus of the talks is reducing reliance on China, which currently dominates the production and processing of these materials. The ministers are joined by representatives from several emerging economies to build broader partnerships aimed at ensuring fair competition and addressing non-market trade practices. The group seeks to promote economic resilience through “de-risking” global trade rather than a complete decoupling.
- The meeting focuses on securing stable supplies of minerals like lithium and cobalt, which are necessary for clean energy technologies and electric vehicles.
- Ministers are addressing the impact of non-market policies and industrial overcapacity, specifically citing concerns regarding the impact of subsidies on global competition.
- Representatives from non-G7 nations, including India, Brazil, Vietnam, and Turkey, were invited to the summit to help diversify international trade partnerships.
- The G7 is advocating for reforms to the World Trade Organization to better manage global competition and resolve trade disputes.
- The strategy emphasizes “de-risking” supply chains to reduce economic vulnerabilities without severing ties with major trading partners.
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