EU accelerates strategic mineral projects to avoid potential trade war with China
Amman1 min read
Share
The European Union has announced its support for 46 new strategic projects to secure supplies of critical raw materials and accelerate their production within the bloc by 2030, a move aimed at reducing reliance on China and preparing for a potential escalation in trade tensions between the two sides in the coming months, according to the British newspaper "The Guardian".
The newspaper quoted EU Industry Commissioner Stéphane Séjourné as saying on Friday that the bloc is "harnessing all potential" to avoid a possible trade crisis with Beijing, warning that tensions could affect a number of economic and industrial sectors.
Séjourné added that the EU is preparing for the possibility of a crisis in the coming months, emphasizing the need for proactive measures to strengthen supply security and reduce risks facing European industries.
The new projects include facilities for the production and processing of lithium, gallium, and rare earth elements, which are essential materials for the automotive, defense, and renewable energy industries. The total funding cost for these projects is estimated at approximately 21 billion euros, equivalent to nearly 17.8 billion pounds sterling.
