Johannesburg, South Africa – The Group of Twenty (G20) nations have issued a call for enhanced protection of critical rare earth minerals, implicitly addressing concerns over unilateral trade restrictions. The move comes amid ongoing anxieties about disruptions to global supply chains.
A draft document released from the G20 summit in Johannesburg, which commenced Saturday, states the group’s commitment to ensuring the resilience of essential mineral value chains. The document highlights potential disruptions stemming from geopolitical tensions, unilateral trade measures inconsistent with World Trade Organization (WTO) rules, pandemics, and natural disasters.
Concerns have risen following instances of export limitations on critical minerals, impacting various industries from defense to consumer electronics. This action spurred worries about access to resources vital for manufacturing a wide array of products.
“Criticism of China – albeit unnamed – for its unilateral and unfair policies regarding rare earth minerals represents a significant shift among G20 members,” stated a former U.S. trade negotiator. She added that the language used in the document underscores the depth of global concern regarding recent steps taken to disrupt supply chains for self-serving purposes.
The G20’s focus on this issue follows statements made last month indicating that agreements had been reached to restore access to these minerals globally. While rare earth minerals were mentioned in the previous G20 summit declaration, this year’s draft document dedicates a four-point section to the topic, reflecting the heightened tensions surrounding the issue.
The document includes a voluntary, non-binding action plan aimed at ensuring that rare mineral resources become “an engine for prosperity and development.” This initiative signifies a growing global awareness of the strategic importance of securing stable and equitable access to these vital resources.
