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Investing.com -- G7 finance ministers have agreed to maintain a united front and coordinate their short-term response to China’s export controls on rare earths, European Economic Commissioner Valdis Dombrovskis said on Thursday.
The ministers also agreed to work on diversifying suppliers of rare earths, Dombrovskis told Reuters during the International Monetary Fund meetings in Washington.
China currently dominates global supply chains for rare earths, accounting for 80-90% of the world’s supply, according to Dombrovskis.
"It was clear that G7 partners have shared concerns about those new extensive Chinese export controls, expanding both the scope of minerals covered, but also in terms of covering the value chain and having quite extensive extraterritorial provisions," Dombrovskis said.
The G7 ministers agreed to coordinate their work and engagement with Chinese counterparts to seek short-term solutions to the issue.
Dombrovskis added that the G7 needs to continue working on diversification and resilience of supply chains, noting that this effort is not new.
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