SYDNEY: Mark Carney and Anthony Albanese announced new agreements on critical minerals during Carney’s visit to Australia, highlighting growing cooperation between the two “middle powers”.
Addressing the Australian parliament, Carney said that in a world of rising great-power rivalry, middle powers must strengthen cooperation rather than compete for influence. Albanese said the visit reflected the strong and evolving relationship between the two countries.
Australia also agreed to join Canada’s Group of Seven critical minerals production alliance, an initiative aimed at diversifying global supply chains. The move is part of Western efforts to reduce dependence on China, which currently dominates much of the global production and processing of critical minerals used in semiconductors and defence technologies.
Canada and Australia together produce about one-third of the world’s lithium and uranium, and more than 40% of global iron ore.
The two countries also agreed to expand cooperation in defence, maritime security, trade and artificial intelligence.
