Overview
- Treasury Secretary Scott Bessent convened finance or cabinet ministers from the G7 and the European Union, joined by Australia, India, South Korea and Mexico, for meetings in Washington.
- A senior U.S. official said the group needs to move faster on supply-chain diversification and indicated a post-meeting statement is likely without specific joint actions.
- Australia set priorities for its A$1.2 billion strategic reserve, naming antimony, gallium and rare earth elements as the initial focus to bolster non‑Chinese supply.
- India is represented by Electronics and IT Minister Ashwini Vaishnaw, who confirmed his participation after arriving in Washington.
- China’s dominance in refining key minerals, cited by the IEA at 47% to 87%, and reported recent restrictions on exports to Japanese firms have increased the urgency for the group, which accounts for about 60% of global demand.