Australia will join the Group of Seven (G7) countries in Washington next week to discuss critical minerals, according to US Treasury Secretary Scott Bessent. This meeting aims to address the dominance of China in the supply of critical minerals, which Western countries are seeking to reduce their dependence on. Australia has been working on countering China's control over these minerals, signing an agreement with the US in October that includes a $8.5 billion project pipeline and a strategic reserve for vulnerable metals like rare earths and lithium. The G7 countries, including the United States, Britain, Japan, France, Germany, Italy, and Canada, along with the European Union, have agreed on an action plan to secure supply chains and boost their economies. India has also been invited to attend the meeting, though it's unclear if they have accepted. This meeting comes at a time when China is facing scrutiny for its export restrictions on rare earths and dual-use items, as well as its commitments to purchase US soybeans and ship critical minerals to US firms.
