Countries Set to Sign Critical Minerals Agreement to Counter China
In a significant move aimed at reducing dependency on Chinese resources, economy ministers from Belgium and Canada plan to sign an agreement focusing on the development of critical minerals, reports 24brussels.
The pact will target essential minerals such as lithium, rare earth elements, copper, tungsten, gallium, germanium, and nickel. These materials are vital for powering military equipment, electric vehicles, and quantum computing, which is crucial for Europe’s strategic interests.
Mark Carney, the Canadian special envoy for climate finance, highlighted that “one of the big vulnerabilities that’s been exposed by the Ukraine war, it was exposed by Covid, it’s been exposed by the changing global trade dynamics, [is] our vulnerabilities in supply chains including in critical metals and minerals.” He asserted that Canada can significantly assist in diversifying these supply chains for Germany and Europe.
Like Brussels, Berlin seeks to diminish its reliance on China for critical minerals essential to support the EU’s green, digital, and defense initiatives. Canada stands out as an attractive partner; it boasts approximately 200 mines extracting a variety of minerals and metals, many of which are deemed critical raw materials.
Several Canadian Cabinet members accompanied Carney to Berlin, including Defense Minister David McGuinty, Industry Minister Mélanie Joly, and Energy Minister Tim Hodgson.
During his trip, Carney reported plans to visit Thyssenkrupp Marine Systems in Kiel on the same day, alongside Joly and McGuinty. Meanwhile, Hodgson is expected to deliver a major address to CEOs from the energy, manufacturing, and defense sectors, underlining the importance of this strategic partnership.