The finance ministers of the G7 (Group of Seven) agreed to maintain a united front and coordinate its short-term response to US export controls China about rare earths and diversify supplierssaid the European Economic Commissioner, Valdis Dombrovskis, this Thursday (16).
In an interview with Reuters on the sidelines of the IMF (International Monetary Fund) meetings in Washington, Dombrovskis said that with 80% to 90% of them coming from China.
“It was clear that the G7 partners share concern about these expanding the scope of minerals covered, but also in terms of value chain coverage and quite comprehensive extraterritorial provisions,” Dombrovskis said.
“We agreed, on the one hand, to coordinate this work and our commitments with Chinese colleagues to seek some short-term solutions,” he said.
“But also, more conceptually, it’s clear that we need to continue the work, which is not new, on our supply chains,” he said.
