The finance ministers from the Group of Seven (G7) leading industrialized democracies, along with counterparts from other countries, held talks in Washington on Monday to discuss access to critical raw materials.
German Finance Minister Lars Klingbeil said the meeting focused on ways to improve supply security for essential materials, which are critical for key technologies and whose production is often concentrated in a few countries, including China.
Thirty-four materials, such as lithium, cobalt, rare earths, copper and aluminium, are considered critical raw materials due to their particular importance to the economy.
Klingbeil said participants examined the possibility of setting minimum prices for certain materials and establishing closer cooperation mechanisms among partner countries to stabilize access.
Minimum prices could help prevent state-subsidized dumping in key markets.
He stressed that the goal is collaboration among allies, not forming blocs against third countries, and that Germany does not aim to decouple from China. The focus is on diversifying supply chains, reducing dependencies and strengthening resilience.
The talks included G7 members - the United States, the United Kingdom, Germany, France, Italy, Canada and Japan - as well as finance ministers from Australia, India, Mexico and South Korea.
Klingbeil said the issue of stable access to raw materials is urgent and that decisions should be reached in months rather than years. Additional consultations are planned among foreign and energy ministers.
The talks come as US President Donald Trump has repeated his claim to Greenland, which has large deposits of rare earths. Several G7 members have expressed their opposition to this, stressing that Greenland's sovereignty is a matter for Greenland and Denmark, of which the island is a part.
