G7 Summit

Stewart Hosie Excerpts

Monday 22nd May 2023 Commons Chamber

[The Prime Minister]

My right hon. Friend makes an excellent point, and he can rest assured that I raised exactly that point with my colleagues in Hiroshima. He will be pleased, as I was, that there is language in the G7 communiqué that commits all G7 countries not to act at each other’s expense, and not to do so in a way that amounts to zero-sum competition, but he is absolutely right to identify the risk. Other countries acknowledge it, which is why the G7 communiqué is strong on this point. Going forward, we will see much greater co-operation between allies, so that we do not engage in protectionism, which is not something that will drive prosperity and growth in any of our countries.

[Stewart Hosie (Dundee East) (SNP)]

May I welcome what the Prime Minister said about China, particularly his intention to diversify our supply chains in areas such as critical minerals? The Prime Minister knows that China probably mines around 70% of all rare earth minerals and produces around 90% of all processed rare earth minerals globally. What investments is he planning to support to ensure capacity anywhere in the world to stop companies in the UK and elsewhere being required to buy from China?

[The Prime Minister]

We are strengthening investment here at home and increasingly playing our part in the critical minerals recycling chain. Recycling in particular, which is a key part of how we can ensure long-term sustainability, is an area where there is an enormous growth opportunity in the UK, and we are investing directly in that. As the right hon. Member will know, we have just signed critical minerals agreements with Japan and Australia, with more to come, as I continue conversations with other leaders. In particular, our new economic coercion unit, which is being established, will work to ensure that China cannot exert undue influence on countries that possess critical minerals, to ensure that they can trade those minerals freely and fairly.