Vaishnaw Attends US-Hosted Critical Minerals Ministerial Meeting

Bessent convened a meeting of Finance Ministers at the United States Treasury to discuss solutions to secure and diversify supply chains for critical minerals, especially rare earth elements.

In a post on X, the Secretary of the Treasury wrote, “At today's Finance Ministerial hosted by the @USTreasury, I was pleased to hear a strong, shared desire to quickly address key vulnerabilities in critical minerals supply chains. I am optimistic that nations will pursue prudent derisking over decoupling and understand well the need for decisive action.”

According to the US Department of the Treasury, participants in the ministerial included Treasurer of Australia Jim Chalmers; Minister of Finance of Canada Francois-Philippe Champagne; European Commissioner for Economy and Productivity and Commissioner for Implementation and Simplification Valdis Dombrovskis; Minister of the Economy, Finance and Energy of France Roland Lescure; and Vice Chancellor and Federal Minister of Finance of Germany Lars Klingbeil.

Additionally, Union Minister Ashwini Vaishnaw of India; Minister of Economy and Finance of Italy Giancarlo Giorgetti; Minister of Finance of Japan Satsuki Katayama; Secretary of Finance and Public Credit of Mexico Edgar Amador Zamora; Deputy Prime Minister and Minister of Economy and Finance of the Republic of Korea Yun-Cheol Koo; and Chancellor of the Exchequer of the United Kingdom Rachel Reeves attended the meeting.

U.S. Trade Representative Jamieson Greer; President and Chairman of the Export-Import Bank of the United States John Jovanovic; and JPMorgan Managing Director Jay Horine also presented views on key areas of focus.

Throughout the discussions, attendees expressed a strong, shared desire to quickly address key vulnerabilities in critical minerals supply chains. 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, according to a release.

Secretary Bessent reiterated his optimism that nations will pursue prudent derisking over decoupling and recognise the need to remedy current deficiencies in critical minerals supply chains.

Noting that these supply chains have become highly concentrated and vulnerable to disruption and manipulation, Bessent urged participants to enhance resilience and thanked them for their willingness to work together toward decisive action and lasting solutions.