HAMILTON, Canada

Canada, chair of the G7 group of advanced economies, and its allies emphasized the importance of stable and responsible production and supply of critical minerals at a virtual meeting of finance ministers on Monday.

The meeting, chaired by Canada's Finance Minister Francois-Philippe Champagne, included representatives from Australia, Chile, India, Mexico, and the Republic of Korea. Canada invited the countries "to recognize the strategic role these countries play in global supply chains for critical minerals," a statement said.

According to the readout, the G7 finance ministers reviewed progress under the G7 Critical Minerals Action Plan, adopted at the leaders' meeting in Kananaskis, Alberta, in June.

The plan "aims to advance global supply chains that meet standards of transparency, diversification, security, sustainable mining practices, trust and reliability."

The ministers expressed concern over "the application of non-market policies, including export controls, to critical minerals supply chains," citing potential negative effects on the global economy, including price volatility and slower growth.

The statement said the G7 "reiterated their unwavering support for Ukraine" and welcomed a new staff-level agreement between the IMF and Ukraine, affirming that the country "will remain among the G7's priorities going forward as France assumes the rotating presidency in January."