Finance leaders from the Group of Seven industrialised nations began a two-day meeting in Paris on Monday, seeking to present a united response to growing economic uncertainty caused by the ongoing Middle East conflict and rising global trade tensions.
France, which currently holds the rotating presidency of the G7, is leading discussions focused on stabilising the global economy as disputes triggered by the tariff policies of Donald Trump continue to strain relations among allies.
A major focus of the talks is reducing dependence on China’s dominance in rare earth minerals, which are vital for artificial intelligence technologies and global industrial production.
French Finance Minister Roland Lescure warned that the current structure of the global economy is no longer sustainable, citing America’s rising budget deficit, Europe’s technological struggles, and China’s industrial overcapacity that is driving aggressive exports into foreign markets.
While stressing that multilateral cooperation remains important, Lescure acknowledged disagreements within the group, especially with the United States.
The discussions are taking place against the backdrop of fears that the Middle East war could weaken global growth while fueling inflation and energy market instability.
German Finance Minister Lars Klingbeil said the G7 remained the best platform for engaging Washington on efforts to end the Iran conflict, warning that continued instability threatens economic development and free movement through the Strait of Hormuz.
The meeting also includes invited representatives from Kenya, Brazil, India, and South Korea ahead of the upcoming G7 summit in Evian scheduled for June 15–17.
French officials are pushing for the creation of a “common toolbox” among allies to address supply chain disruptions involving critical minerals and energy resources. Proposed measures include strategic trade agreements, quotas, tariffs, and investment support for domestic extraction and refining projects.
France is already backing a joint French-Japanese rare earth processing and recycling facility in southwest France, with the government investing €106 million in the project. Officials say the initiative is expected to meet all of France’s rare earth needs by 2030.
Paris also hopes to encourage greater investment partnerships with developing countries to strengthen global supply chains and reduce strategic dependence on any single nation, particularly China.
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