The initiative, unveiled in Washington with participation from 55 countries, aims to coordinate pricing, investment and supply chains for strategic minerals outside China.<\/p>\n\n\n\n
The United States has unveiled a proposal to establish a preferential trade bloc for critical minerals, including rare earths, with allied countries such as Japan, India, Germany and members of the European Union, in a bid to reduce global dependence on China, Reuters<\/em> reported.<\/p>\n\n\n\n The proposal was announced during a ministerial meeting in Washington attended by representatives from 55 countries, U.S. Secretary of State Marco Rubio said, according to Reuters<\/em>. The plan includes mechanisms to coordinate pricing, financing and infrastructure to strengthen production, processing and trade of critical minerals<\/a><\/strong> outside China.<\/p>\n\n\n\n One of the core elements of the proposal is the discussion of minimum reference prices<\/strong>, which would act as a market floor through tariff adjustments to prevent distortions that undermine the economic viability of mining and processing projects in allied countries, Reuters<\/em> said.<\/p>\n\n\n\n The initiative also includes financial support tools, regulatory cooperation and joint investment frameworks aimed at accelerating industrial capacity development across the value chain.<\/p>\n\n\n\nScope and key mechanisms<\/h2>\n\n\n\n