G7 Lowers Dependence on Chinese Minerals... "Import Share Cap"

The Group of Seven (G7) is reportedly discussing setting a joint goal to reduce dependence on imports of critical minerals concentrated in specific countries.

According to major foreign media on the 29th, these countries have decided to set specific target ratios for imports of critical minerals from certain countries. The main goal is to reduce dependence by increasing the share of critical mineral imports from countries other than the specified ones.

The specific country targeted by the G7 is analyzed to be China, a major producer of critical minerals. Earlier, at the G7 summit held in Hiroshima, Japan, in May, these countries agreed to reduce dependence on China for critical minerals for economic security. At that time, the G7 countries requested the International Energy Agency (IEA) to propose measures to diversify sources of critical mineral supply through a joint statement.

Currently, the G7 countries are reportedly considering joint investments by member countries in resource-holding countries as a way to reduce dependence on Chinese critical minerals. Japan, as the G7 chair country this year, is aiming to lead future discussions, according to foreign media.

Earlier, China, which holds critical minerals, decided to control exports of gallium and germanium, key materials for advanced semiconductors, starting next month. China accounts for 80% of the world's production of these two minerals. This move to weaponize minerals is seen as retaliation against the U.S. semiconductor export controls on China.

At that time, China's state-run media Global Times stated, "The export controls are measures to clarify the end users and uses of key minerals to reduce risks related to national security and interests," adding that it is "a reciprocal response to the U.S. restrictions on China's access to advanced technology."

This content was produced with the assistance of AI translation services.