US Invites India to G7 Meeting on Critical Minerals, Says Treasury Secretary Scott Bessent
Washington: The United States has invited India, Australia, and several other countries to participate in a Group of Seven (G7) finance ministers’ meeting focused on critical minerals, US Treasury Secretary Scott Bessent said on Friday.
Speaking to Reuters, Bessent said he was not yet certain whether India had accepted the invitation. His remarks came after a visit to an engineering laboratory of RV and boat manufacturer Winnebago Industries near Minneapolis.
The G7 meeting, hosted by the US in Washington on Monday, will focus on strengthening supply chains for critical minerals that are essential for modern economies and national security.
India Among Invitees, Acceptance Yet to Be Confirmed
According to Bessent, India is among the countries invited to join the discussions, though it remains unclear which other nations have received invitations. He noted that finance ministers had already held a virtual meeting on the issue in December.
Bessent said he had been advocating for a dedicated meeting on critical minerals since the G7 leaders’ summit held last summer, highlighting the growing strategic importance of these resources.
The G7 group includes the United States, Britain, Japan, France, Germany, Italy, Canada, and the European Union.
Why Critical Minerals Matter
Critical minerals such as lithium, cobalt, graphite, copper, and rare earth elements are essential for defense technologies, semiconductors, electric vehicle batteries, renewable energy systems, and advanced manufacturing.
Most G7 countries remain heavily dependent on China for the processing and refining of these materials.
According to the International Energy Agency, China controls between 47% and 87% of the global refining capacity for key critical minerals.
China’s Dominance Raises Concerns
Western nations have increasingly sought to reduce their reliance on China’s critical minerals supply chain, particularly as Beijing has imposed tighter export controls in recent years.
According to Reuters, the upcoming G7 meeting comes amid reports that China has begun restricting rare earth exports to Japanese companies, including powerful magnets and certain dual-use materials linked to military applications.
Despite these concerns, Bessent said China continues to meet its commitments to purchase US soybeans and supply critical minerals to American firms.
G7’s Action Plan
Last June, G7 leaders agreed on an action plan aimed at securing mineral supply chains, strengthening economic resilience, and reducing strategic vulnerabilities.
Monday’s meeting is expected to build on those commitments, with discussions likely to focus on cooperation with trusted partners such as India and Australia.
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