- Write by:
-
Tuesday, April 23, 2024 - 18:55:43
-
62 Visit
-
Print
Canada and its Five Eyes Alliance partners are working on put forward a response to tackle the price manipulation of critical metals, Canada’s Finance Minister Chrystia Freeland said on Tuesday.
The US, Britain, Canada, Australia and New Zealand have what is called the Five Eyes intelligence sharing network and the finance ministers from these countries met last Thursday for the spring session of the International Monetary Fund (IMF) in Washington.
Freeland said that she and her counterparts from the Five Eyes Alliance discussed last week on how these countries could “friendshore” their critical minerals supply chain to fight the dumping of critical minerals in the international market by large producing countries, such as China and Indonesia.
The World Economic Forum describes ‘friendshoring’ as a trade practice where supply chain networks are focused on countries that are regarded as political and economic allies.
Freeland said Canada and its allies believe that nickel and other rare earth minerals are intentionally flooded in the market with the purpose of driving Canadian and companies from allied countries out of business.
“Canada is actively working what we can do to discuss collective responses,” she said, adding that economic security needs to be part of national security. Freeland was addressing the media at the annual First Nations Major Projects Coalition conference in Toronto.
Canada has listed 31 metals as critical minerals, which are necessary towards future energy and technology transition.
Dumping is an anti-competitive trade practice in which a country exports certain products at a price lower than what is sold in its home country.
In March this year, Canada’s Natural Resource Minister Jonathan Wilkinson had echoed similar concerns regarding price manipulation and dumping of metals used in electric vehicles.
Canada as part of its effort to encourage investments in the critical metal and electric vehicle supply chain has offered investment tax credits in its recent annual budget that is set to attract interest from global car makers such as Honda.
Freeland said that while the US has the Inflation Reduction Act, legislation aimed at investments in clean energy that transformed the global investment landscape, Canada’s investment policy is the only one in the world that gives the US “a run for its money”.
Short Link:
https://www.miningnews.ir/En/News/628283
Base metals declined after the Federal Reserve pushed back on interest-rate cut expectations and as investors weighed ...
Mining News Pro - Australia expanded its list of critical minerals deemed crucial to its energy transition and national ...
Mining News Pro - China exported small amounts of two minerals crucial to high-tech manufacturing in October, marking a ...
Mining News Pro - Townsville is set to become home to Australia’s first critical minerals processing centre, the ...
Mining News Pro - Mexico’s President Andrés Manuel López Obrador exhorted Vulcan Materials’ subsidiary, Calica, to ...
Mining News Pro - China’s exports of germanium and gallium products in August plunged, customs data showed on Wednesday, ...
Mining News Pro - The Pentagon plans to issue a first-time contract to US or Canadian companies by year-end to recover ...
Mining News Pro - When China’s Vital Materials Co. bought up a $600 million stockpile of obscure critical minerals in ...
Mining News Pro - Major miner Rio Tinto will invest $40.4 million in Sovereign Metals to advance the Kasiya ...
No comments have been posted yet ...