The G7 wants to strengthen supply chains of key minerals for electric cars
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G7 trade ministers, together with partners, agreed to create sustainable supply chains for essential minerals, such as rare earth elements used in electric vehicles.
About this writes Kyodo News.
According to the Minister of Economy, Trade and Industry of Japan, Yasutoshi Nishimura, the G7 seeks to strengthen cooperation with resource-rich countries, in particular the states of the Global South, as their role in creating stable supply chains is becoming increasingly important in today’s geopolitical environment.
In addition, participants discussed their response to “economic coercion,” as some democracies have criticized China for using tactics such as trade dominance to pressure other countries to achieve its goals.
“Earlier, China, which has a high share of the market for minerals important for decarbonization, announced new controls on the export of graphite, a material used in batteries, fuel cells and nuclear reactors, starting December 1,” the report said.
The G7 also discussed economic security and supply chains for materials needed to produce computer chips and batteries, as Russia’s war against Ukraine and tensions between the US and China over advanced semiconductors and technology highlight the importance of these topics.
Also read: Electric cars are pushing the EU into a trade war with China. What’s going on?
Now China First: How Beijing Controls Battery Production for Electric Vehicles
Economic truth.
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