France Urges G7 to Counter China's Rare Earth "Near-Monopoly"

France is taking a leading role in urging its G7 partners to address what it describes as China's "near-monopoly" in the production and processing of rare earth minerals and other critical materials. French International Trade Minister Nicolas Forissier called for "collective efforts" among G7 nations to build more resilient supply chains in a world where established norms are increasingly challenged.

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We are not managing to build an economic model that is sufficiently solid and resilient in the face of – let's call things as they are – a situation of near-monopoly by China, which currently produces, recycles, and sells nearly 80% of rare earths. Therefore, it is necessary that we can count on each other.

Forissier pointed out that China currently controls approximately 80% of the global rare earth market, encompassing production, recycling, and sales. He stressed the necessity for mutual reliance among G7 countries to mitigate this dependency. Rare earth minerals are crucial components for a wide array of modern technologies, including electric vehicle motors, wind turbines, and touch screens, underscoring their strategic importance.

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We are working and debating effectively with our American friends, who have launched their own initiative on these issues with which we must, at the same time, collaborate and – I hope – converge.

The minister also discussed ongoing dialogues with the United States regarding critical minerals. He expressed optimism about "collaboration and convergence" with American counterparts, emphasizing that these discussions should extend beyond political exchanges to practical cooperation. While U.S. International Trade Representative Jamieson Greer participated virtually, Canada's International Trade Minister Maninder Sidhu was present, highlighting Canada's role as a key supplier of critical minerals within the G7 and NATO.

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Canada is helping to build the critical mineral supply chains on which the world's economies depend: lithium, cobalt, nickel, and copper.

This initiative comes ahead of the G7 summit in Évian, France, in June. French business confederation Medef's president, Patrick Martin, echoed the sentiment, stating that French companies seek fair competition and predictable rules rather than protectionism. The push for diversified supply chains reflects a broader global concern about economic security and reducing reliance on single dominant suppliers.

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French companies are not asking for closure or retreat. What they are asking for are fair rules of the game and fair competition, a legible doctrine.