Deputy Prime Minister and Minister of Economy and Finance Koo Yun Cheol attended the G7 Finance Ministers’ Meeting held via videoconference on December 8 to discuss export controls and measures

to enhance the stability of critical mineral supply chains.

The meeting was attended by the finance ministers of the G7 member countries and invited partners, including Korea, Australia, India, Mexico, and Chile. DPM Koo participated in the meeting at the invitation of Canada, this year’s G7 Presidency, marking his second engagement in a G7 event following the G7 High-Level Dialogue^* held on the sidelines of the IMF-World Bank Annual Meetings in October.

^* Held on October 15 in Washington, D.C., United States; topic: Artificial Intelligence, Financial Crime, and Fraud.

At the meeting, participating countries shared the impacts of recent global supply chain uncertainties – including rare earth export controls – and discussed possible measures to strengthen the stability of critical mineral supply chains.

DPM Koo emphasized that, drawing on Korea’s experience in responding to supply chain disruptions, the international community must strengthen coordination by diversifying global sources of supply and pursuing joint exploration and development projects with resource-rich countries. He also suggested that countries should enhance supply chain resilience by scaling up their domestic production bases, promoting the recycling of critical minerals, advancing substitution and resource-efficient technologies, and expanding strategic stockpiles.

Lastly, DPM Koo reiterated the need for international cooperation to ensure the stability of global supply chains and affirmed that Korea will actively contribute as a responsible partner.

Please refer to the attached files.