LONDON (Reuters) – Western powers will attend talks in Brussels next week on curbing China’s dominance of rare earths and other critical resources and EU officials will present their vision to create entire green supply chains.
The talks, on Nov. 19, have taken place annually for much of this decade, bringing together diplomats and industry representatives from the European Union, Japan and United States.
They have yet to weaken China’s power, especially over rare earths, and global trade tensions aggravate the situation. In a daily news briefing in Beijing, Chinese Foreign Ministry spokesman Geng Shuang said it was not possible to “guide or monopolize” a certain sector or market in a closely connected world.
China, the world’s leading producer of rare earths, was “willing to satisfy the reasonable need” of various countries for resources and products, he said. A net importers of most minerals, the European Union in 2011 was among the first to compile a critical raw materials list.
In common with other western powers, it views rare earths – a group of 17 elements with electronic and magnetic properties – vital because of their role in high-tech, low-emission economies and defense.