'Countering China's Mineral Weaponization'... Biden Announces Launch of IPEF Critical Minerals Dialogue

"IPEF, More to Do but Substantial Progress Made"

The United States is launching talks to strengthen the critical minerals supply chain under the Indo-Pacific Economic Framework (IPEF) it leads. This is seen as a measure to prevent China from weaponizing resources.

[Image source=Reuters Yonhap News]

On the 16th (local time), U.S. President Joe Biden met with IPEF participating country leaders in San Francisco, where the Asia-Pacific Economic Cooperation (APEC) meeting is being held, and announced, "We are launching critical minerals talks to strengthen our supply chains and create clean energy jobs."

As China, which controls critical minerals, accelerates its resource weaponization moves, the U.S. and its allies are interpreted to be building a mineral supply chain to reduce dependence on China. Earlier, after the U.S. tightened semiconductor export controls against China, China imposed export controls on gallium and germanium in July, followed by graphite export controls in August.

President Biden evaluated the IPEF, launched in May last year, as "there is still more work to do, but substantial progress has been made."

IPEF is an economic consultation body led by the U.S. to check China. The Biden administration seeks economic cooperation measures among participating countries focusing on four sectors: trade, supply chains, decarbonization and infrastructure, and tax evasion and anti-corruption. Fourteen countries including South Korea, the U.S., Japan, Australia, and India participate.

President Biden cited achievements such as the supply chain agreement in May and the clean economy and fair economy agreements this month. He assessed, "Progress has been made in high-standard trade rules including strong environmental and labor standards."

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