G7 to consider measures on rare earth metals

Paris: French Economy Minister Roland Lescure announced Tuesday that the G7 countries are considering several measures related to rare earth metals, f...

Paris: French Economy Minister Roland Lescure announced Tuesday that the G7 countries are considering several measures related to rare earth metals, following a meeting held in Washington on critical minerals.

Lescure explained in a press statement that the meeting, which included the G7 countries along with Mexico, India, South Korea, and Australia, discussed "workable measures," confirming that the issue will be on the agenda of France's G7 presidency on June 15.

According to the French Ministry of Economy, one of the options under consideration is setting a minimum price for some rare earth metals.

The French minister stressed that the goal is to acknowledge the significant market forces in this sector and the consequent need for major consumers and potential producers, such as Canada and Australia, to adapt.

He also noted that he had a "frank and honest" discussion with US Treasury Secretary Scott Bessent regarding G7- G20 coordination and the regulation of the digital sector, emphasising that European sovereignty, like that of the United States, is "non-negotiable," and reiterating commitment to the independence of central banks, particularly the US Federal Reserve, as a cornerstone of international monetary stability.