Italy and Germany Push for Global Raw Materials Pact to Counter China

Italy and Germany favor a global agreement to regulate raw material prices, aiming to reduce China's influence. Italian Foreign Minister Antonio Tajani announced this proposal, emphasizing that other nations should join the initiative. A joint statement from Italy and Germany is expected to be released.

In a move to counterbalance China's growing influence in global markets, Italy and Germany are advocating for an international agreement to regulate raw material prices. This proposal was highlighted by Italian Foreign Minister Antonio Tajani on Friday.

Speaking at an Italian-German business forum in Rome, Tajani expressed his concerns over China's dominant role in determining raw material prices. He urged for a common strategy, stating that both Italy and Germany hope to gain broader international support.

Tajani also announced that a joint statement from the two nations would be issued later on Friday, outlining their collective stance on the need for regulated raw material pricing.

(With inputs from agencies.)