Washington: The United States convened a meeting of finance ministers from South Korea, Japan, and other partners in Washington to discuss efforts to secure supply chains for critical minerals. This initiative, led by the Treasury Department, comes amid concerns over China's growing influence over vital resources.

According to Yonhap News Agency, Treasury Secretary Scott Bessent hosted the meeting to explore solutions for securing and diversifying supply chains, particularly for rare earth elements. The U.S. aims to bring allies and partners together to address vulnerabilities in critical mineral supplies, which are essential for producing high-tech commercial and military products.

Participants in the meeting included Korea's Deputy Prime Minister and Finance Minister Koo Yun-cheol, alongside officials from countries such as Australia, Canada, Germany, India, France, Italy, Japan, Mexico, Britain, and the European Union. U.S. officials, including U.S. Trade Representative Jamieson Greer, were also in attendance.

The Treasury Department stated that attendees expressed a shared desire to quickly address key vulnerabilities in critical minerals supply chains. The U.S. highlighted actions and investments it has undertaken and plans to create resilient, secure, and diversified critical minerals supply chains.

Bessent emphasized that critical mineral supply chains are "highly concentrated and vulnerable to disruption and manipulation." He urged attendees to increase their supply chain resiliency and expressed optimism that nations will pursue derisking strategies over decoupling. The meeting underscored the need to remedy current deficiencies in critical minerals supply chains.

This meeting occurred as China's strategic control over critical minerals has raised concerns about potential disruptions to the production of consumer products and weapons due to its export control measures.