G7 Plans Critical Mineral Secretariat

The G7 countries are in talks to establish a permanent secretariat to manage critical mineral supplies, aiming to reduce their reliance on China, which currently dominates production. This initiative seeks to ensure the continuity of efforts beyond rotating presidencies. The United States and the European Union have already agreed to deepen their coordination on critical minerals. However, the European Union has rejected the idea of a single shared stockpile, preferring individual country control, and is hesitant about the United States leading the overall project. The European Union, spearheaded by Italy, France, and Germany, has also started its own pilot stockpile project. Potential locations for the secretariat include the International Energy Agency or the OECD in Paris. France, holding the G7's presidency, called an online meeting to discuss strategies to lessen China's influence and is preparing for a mid-June summit. The International Energy Agency is actively working on plans to align stockpiling and production, having held a workshop in Brussels with various governments, including the United States, Germany, France, Canada, Italy, and Spain, as well as companies like General Motors, Glencore, Leonardo (company), and Umicore.