Today, the Honourable François-Philippe Champagne, Minister of Finance and National Revenue, chaired a virtual meeting of G7 Finance Ministers. Focused on bolstering global economic resilience, the core of the discussion centred on export controls and critical minerals.
Canada, which holds the G7 presidency this year, invited the Finance Ministers and their representatives from Australia, Chile, India, Mexico, and Republic of Korea to join the meeting. This recognized the strategic role these countries play in global supply chains for critical minerals. Minister Champagne underscored the necessity that like-minded countries work together as partners and allies.
The Honourable Tim Hodgson, Canada's Minister of Energy and Natural Resources, also took part in the meeting, as well as the International Monetary Fund (IMF) First Deputy Managing Director Dan Katz, the Organisation for Economic Co-operation and Development Secretary-General Mathias Cormann, and the World Bank Group Managing Director and Chief Knowledge Officer Paschal Donohoe.
G7 Finance Ministers reiterated that stable and reliable supply chains are essential to drive global economic growth and security. They reviewed the progress made under the G7 Critical Minerals Action Plan. The plan, adopted at the G7 Leaders' Meeting in Kananaskis, Alberta, last June, aims to advance global supply chains that meet standards of transparency, diversification, security, sustainable mining practices, trust and reliability.
An important point of consensus was the concern regarding the application of non-market policies, including export controls, to critical minerals supply chains, citing significant negative macroeconomic consequences, increased price volatility, and a deterioration in global growth prospects.
During their meeting, G7 Finance Ministers also reiterated their unwavering support for Ukraine and welcomed the new staff level agreement recently reached by the IMF and Ukraine. The Ministers agreed to keep Ukraine among the G7's priorities going forward as France assumes the rotating presidency of the G7 in January.
