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Australian Treasurer Jim Chalmers has represented the country in a meeting discussing critical minerals supply chains with US Secretary of the Treasury Scott KH Bessent.
The meeting of finance ministers was held at the United States Treasury in a bid to discuss solutions to secure and diversify supply chains for critical minerals, especially rare earth elements.
Other participants included representatives from Canada, Europe, France, Germany, India, Japan, Mexico, the Republic of Korea, United Kingdom and the Export-Import Bank of the United States.
“Throughout the course of discussions, attendees expressed a strong, shared desire to quickly address key vulnerabilities in critical minerals supply chains,” according to a statement published by the US embassy in Canberra.
“The United States highlighted actions and investments it has already undertaken, as well as planned steps to create resilient, secure and diversified critical minerals supply chains.
“Secretary Bessent expressed his optimism that nations will pursue prudent derisking over decoupling, and that they understand well the need to remedy current deficiencies in critical minerals supply chains.
“Noting that these supply chains have also become highly concentrated and vulnerable to disruption and manipulation, the secretary urged attendees to increase their supply chain resiliency and thanked attendees for their willingness to both learn from and work quickly with each other towards decisive action and lasting solutions.”
