Government Expands Supply Chains with G7 to 'Decouple from China' on Critical Minerals

Government Delegation Attends MSP Meeting in Toronto
Participation from 14 Countries Including US, UK, Australia, and EU
Efforts to Strengthen Supply Chain Amid 'China's Resource Weaponization' of Graphite

Amid growing concerns over the global supply chain due to the US-China hegemonic competition, the government has decided to strengthen the supply chain of critical minerals by meeting with the Group of Seven (G7) and others. In particular, measures to reinforce the supply chain of graphite, which China has recently been 'weaponizing' as a resource, were also discussed.

According to the government on the 4th, a government delegation including Kang In-seon, Vice Minister of Foreign Affairs, Yoo Beop-min, Director General of the Resource Industry Policy Bureau at the Ministry of Trade, Industry and Energy, and Kwon Soon-jin, Head of the Korea Mine Reclamation Corporation, attended the Critical Minerals Security Partnership (MSP) Senior Officials Meeting held in Toronto, Canada on the 3rd. The delegation agreed to diversify the supply chains of critical minerals such as lithium, graphite, nickel, and rare earths with 15 member countries including the G7.

The MSP was launched in 2022 to stabilize and diversify the supply chains of critical minerals. It includes 14 countries?South Korea, the United States, the United Kingdom, Japan, Canada, Sweden, France, Australia, and others?as well as the European Union (EU). The meeting was chaired by Jose Fernandez, US Deputy Secretary of State for Economic Growth, Energy, and the Environment.

At the meeting, MSP member countries agreed to establish the 'MSP Forum' and to promote effective cooperation on critical minerals with participating countries in the MSP Forum. It is expected that non-member countries possessing critical minerals will also contribute to building a sustainable supply chain of critical minerals through the MSP Forum.

In fact, resource-rich countries from Latin America, outside the MSP membership, also attended the meeting and exchanged views on mineral development cooperation measures. MSP member countries also agreed to expand policy support for 23 pilot projects aimed at strengthening supply chains for lithium, graphite, nickel, cobalt, and other minerals.

Vice Minister Kang plans to hold an 'In-depth Graphite Supply Chain Meeting' in Toronto on the same day in connection with the MSP meeting, with MSP member governments, mineral experts, and major global graphite business participants.

Graphite is a key raw material for secondary batteries, and China dominates the global supply chain. If China intensifies the supply chain war against the US and its allies, export controls on graphite are expected to be enforced, with South Korea likely to suffer the most damage. The Ministry of Foreign Affairs explained, "At this meeting, plans to strengthen the stable global supply chain of graphite, a key raw material for battery anodes, will be discussed."

On the same day, Director General Yoo Beop-min also held bilateral talks in Toronto with Sadami Chuyuki, Director General of Japan’s Ministry of Economy, Trade and Industry; Deborah Yu, Director General of Canada’s Natural Resources Department; and Laura Broten, Head of the Canadian Investment Agency, to further strengthen cooperation on critical minerals.

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