The G7 finance ministers are converging on a blunt message: non-market interventions such as export controls in critical minerals supply chains can hit growth, worsen volatility, and undermine resilience goals they claim to be building. 
Finance Minister François-Philippe Champagne chaired a virtual G7 finance ministers meeting that put export controls and critical minerals at the center of the agenda under Canada’s 2025 G7 presidency.
Canada widened the table by inviting finance ministers and representatives from Australia, Chile, India, Mexico, and the Republic of Korea, explicitly acknowledging their role in critical minerals supply chains and positioning the discussion as a like-minded partner coordination effort.
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Natural Resources Minister Tim Hodgson participated, alongside senior leadership from multilaterals and standard setters, including IMF First Deputy Managing Director Dan Katz, OECD Secretary-General Mathias Cormann, and World Bank Group Managing Director and Chief Knowledge Officer Paschal Donohoe.
The ministers reiterated a core operating assumption for the file: stable and reliable critical minerals supply chains are treated as prerequisites for global growth and security, not optional industrial policy add-ons.
They also reviewed progress under the G7 Critical Minerals Action Plan adopted at the G7 Leaders’ Meeting in Kananaskis, Alberta, in June 2025, with the plan anchored on supply chains meeting standards including transparency, diversification, security, sustainable mining practices, trust, and reliability.
The key consensus point, and the part markets will actually care about, was stated as concern over “non-market policies,” including export controls, applied to critical minerals supply chains, with ministers citing significant negative macroeconomic consequences, increased price volatility, and deterioration in global growth prospects.
Notably, the release does not provide quantified estimates for the cited macroeconomic impacts, volatility effects, or growth deterioration, and it does not disclose any proposed thresholds, triggers, or country-specific measures tied to export controls.
Beyond minerals, ministers reiterated support for Ukraine and welcomed the IMF’s new staff-level agreement with Ukraine, while agreeing to keep Ukraine a continuing G7 priority as the presidency rotates to France in January 2026.
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