G7 Plans to Build a ‘Buyers’ Club’ for Minerals

According to media reports on March 9th, the United States and the European Union are moving forward with a draft trade agreement based on critical minerals. President Biden and European Commission President Ursula von der Leyen are expected to discuss this on Friday. This trade aims to eventually form a “”buyers’ club”” for minerals to reduce dependence on China.

 The U.S. mineral trade deal with the European Union, Japan, and the United Kingdom will be the first step toward this plan. Then the Group of Seven (G7) will seek cooperation with mineral-rich countries in Africa, Asia, or Latin America, such as Ukraine or Zambia, and eventually reach a cooperation agreement to ensure the supply of raw materials. The G7 will also provide funding for the construction of mining infrastructure.

 Implementing a “”buyers’ club”” for minerals would ensure the Western world has reliable access to key minerals. This means that vehicles with minerals sourced from China will not be subsidized and will be completely excluded from the new energy vehicle market in Western countries such as Europe and the United States.

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Translator: NFSC News
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