Bessent states that Australia and India have been invited to the G7 summit focused on critical minerals

U.S. Treasury Secretary Scott Bessent announced that Australia and several other countries would participate in a meeting of finance ministers from the Group of Seven (G7) advanced economies, which he is hosting in Washington on Monday to address critical minerals.

Bessent mentioned that he has been advocating for this dedicated meeting on critical minerals since the G7 leaders’ summit last summer, and the finance ministers previously held a virtual session on the topic in December.

India was also invited to attend the meeting, Bessent told Reuters during a visit to Winnebago Industries’ engineering lab near Minneapolis, though he was uncertain if India had accepted the invitation.

It is not yet clear which other countries have been invited.

The G7 consists of the United States, Britain, Japan, France, Germany, Italy, Canada, and the European Union. Many members heavily rely on China for rare earth minerals. In June, the group agreed on a plan to secure supply chains and strengthen their economies.

In October, Australia signed an agreement with the U.S. to challenge China’s dominance in critical minerals, involving an $8.5 billion project pipeline and Australia’s proposed strategic reserve. This reserve will provide essential metals such as rare earths and lithium, which are vulnerable to supply disruptions.

Following this, Canberra reported interest from Europe, Japan, South Korea, and Singapore.

China currently dominates the critical minerals supply chain, refining between 47% and 87% of copper, lithium, cobalt, graphite, and rare earths, according to the International Energy Agency. These minerals are essential for defense technology, semiconductors, renewable energy components, batteries, and refining operations.

In recent years, Western countries have aimed to lessen their reliance on China’s critical minerals due to China’s implementation of stringent export restrictions on rare earth elements.

Monday’s meeting follows reports that China recently started limiting rare earth exports and powerful magnets to Japanese companies, and also banned the export of dual-use goods to the Japanese military.

Bessent noted that China continues to honor its commitments to buy U.S. soybeans and supply critical minerals to American companies.Monday’s meeting follows reports that China recently started limiting rare earth exports and powerful magnets to Japanese companies, and also banned the export of dual-use goods to the Japanese military.

Bessent noted that China continues to honor its commitments to buy U.S. soybeans and supply critical minerals to American companies.

Sources: Investing