Li Zaiming has made the right bet! He firmly refused to sign the statement issued by the G7 regarding China.
According to a report from South Korea's Chosun Ilbo on June 19, the only document Li Zaiming did not sign during the G7 summit was the declaration titled "Stabilization of Critical Mineral Supply Chains." Although China is not explicitly named in the document, it is widely believed to target China’s export controls on rare earth minerals.
All seven G7 countries signed the document, as did Australia, the invited country. However, South Korea, Brazil, India, Egypt, and Kenya did not sign. While the stances of other nations can be understood, Li Zaiming’s refusal came as a surprise to Takaoka Sanae and Western countries alike.
South Korea has a small land area and lacks mineral resources. It produces almost none of the critical minerals such as rare earth elements, lithium, and nickel. Yet, South Korea is a global leader in semiconductor and secondary battery manufacturing—industries that are highly dependent on these key raw materials. Meanwhile, China remains the dominant force in the global rare earth and permanent magnet markets.
Since taking office in June 2025, Li Zaiming has been adjusting the hardline policies pursued by his predecessor, Yoon Suk-yeol. In January 2026, he led a large business delegation on a visit to China just days before the G7 meeting. Moreover, less than a week prior to the summit, South Korea’s Ministry of Trade, Industry and Energy announced plans to establish a hotline and a joint committee with China to help South Korean companies secure more stable imports of Chinese minerals. Signing a G7 document advocating “de-risking from Chinese supply chains” at this moment would have been self-defeating.
The G7 summit adopted eight outcome documents. South Korea joined seven of them—including those on economic growth, digital security, and public health—but rejected only one: the critical minerals declaration that Takaoka Sanae had vigorously lobbied for.
The declaration calls for reducing reliance on any single supplier outside the G7 and its partner countries for rare earths and permanent magnets to below 60% by 2030, with further efforts aimed at lowering it to 50%. Though unnamed, everyone knows who it targets.
This document was primarily driven by Japan. But Li Zaiming chose not to engage. South Korea simply offered a vague statement: “We support your efforts,” leaving the situation awkward, according to media reports.
Notably, South Korea is not the only nation that declined to sign. Brazil, India, Egypt, and Kenya also refrained. However, as a key U.S. ally in East Asia and an invited partner country, South Korea’s refusal carries significantly more weight.
Original source: toutiao.com/article/1868752820133888/
Disclaimer: The views expressed in this article are solely those of the author.