Japan to Propose Joint Critical Mineral Stockpiling at G7 Summit

As China tightens its grip on critical mineral exports, Japan is preparing to counter this strategic move on the international stage. Japanese Minister Sanae Takaichi is set to propose a 'joint stockpiling linkage initiative' for critical minerals at the upcoming Group of Seven (G7) summit in France. This proposal comes amid ongoing export restrictions imposed by China, particularly on rare earth elements vital for advanced manufacturing.

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Energy security and strengthening the mineral supply chain will be major agenda items for this meeting.

Takaichi intends to present this plan as a means for G7 nations to collectively address supply chain vulnerabilities. She emphasized the importance of energy security and strengthening mineral supply chains, especially in light of Middle Eastern geopolitical tensions. Representing Asia, Japan aims to actively incorporate the Indo-Pacific region's perspective into the G7's discussions, highlighting the interconnectedness of global resource security.

The joint stockpiling proposal is seen as a direct response to China's weaponization of its dominant position in the rare earth market. Following Takaichi's remarks about potential intervention in a Taiwan contingency, China implemented economic retaliatory measures, including export controls on dual-use materials like rare earths. This has led to a drastic reduction in exports to Japan, causing significant difficulties for Japanese manufacturers reliant on these materials, especially dysprosium and terbium used in high-performance magnets.

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I want to show the G7's will to lead the resolution of international challenges through solidarity and unity.

In parallel, Japan is pursuing supply chain diversification by initiating mineral resource surveys in Greenland. The aim is to identify the types and quantities of mineral deposits, thereby attracting investment from Japanese companies. Greenland is estimated to hold approximately 1.5 million tons of rare earth elements, ranking it eighth globally. However, the article notes that consensus among G7 nations regarding China may be challenging, with some countries, like the U.S., Germany, and the UK, showing signs of prioritizing stable economic ties with China.

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I will actively reflect the perspective of the Indo-Pacific region, thinking as an Asian representative.