Canada’s Minister states that Five Eyes nations are collaborating to combat critical minerals dumping

Canada and its Five Eyes Alliance partners are taking a stand against the dumping of critical minerals in the international market by large producing countries like China and Indonesia. Finance Minister Chrystia Freeland announced that they are working on a response to combat the price manipulation of these essential metals.

The Five Eyes intelligence sharing network, consisting of the U.S., Britain, Canada, Australia, and New Zealand, met last week during the spring session of the International Monetary Fund in Washington to discuss this pressing issue. Freeland emphasized the importance of “friendshoring” the critical minerals supply chain to protect Canadian and allied companies from being driven out of business.

The World Economic Forum defines ‘friendshoring’ as a trade practice that focuses on countries considered political and economic allies. Freeland highlighted the intentional flooding of nickel and other rare earth minerals in the market to undermine competition from Canada and its allies.

Canada has identified 31 metals as critical minerals crucial for the future energy and technology transition. The country is also offering investment tax credits in its recent budget to attract global car manufacturers like Honda to invest in the critical metal and electric vehicle supply chain.

Freeland stressed the significance of economic security as part of national security and expressed Canada’s commitment to finding collective responses to combat dumping practices. With the support of its Five Eyes partners, Canada is determined to protect its interests and ensure a fair playing field in the global market for critical minerals.