Italy and Germany Unite Against China's Grip on Raw Material Prices

Italy and Germany have committed to ensuring secure supply chains for crucial raw materials amidst concerns over China's influence on pricing. The countries will collaborate to enhance economic security, focusing on sectors like silicon and chips, and urge others to adopt a similar strategy.

Italy and Germany have joined forces to secure safe supply chains for essential raw materials, according to a joint statement issued on Friday. This declaration emerged during an intergovernmental summit in Rome, highlighting Rome's call for a united front against China's escalating influence on raw material prices.

The meeting, held between Italian Prime Minister Giorgia Meloni and German Chancellor Friedrich Merz, emphasized the need for a collective European approach. Italian Foreign Minister Antonio Tajani addressed a business forum, declaring, "We can't accept that China alone can decide the price of raw materials."

The joint statement outlines plans for cooperation in the silicon and chip sectors, pivotal areas for both countries' economies. By securing these supplies, Italy and Germany aim to foster greater cooperation across the EU, transatlantic allies, and international partners sharing similar views.

(With inputs from agencies.)