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Agency official urges multilateral action to curb illicit trade in critical minerals
Summary
An agency official told the Security Council that rising demand for critical minerals creates economic opportunity but also fuels conflict and illicit supply chains; they urged stronger governance, traceability and the use of peacemaking tools to ensure equitable outcomes.
An agency official told the Security Council that critical minerals such as lithium, cobalt and nickel are central to the 21st-century economy and to technologies from smartphones to electric vehicles and medical devices.
"In 2023 alone, the trade in raw and semi processed minerals reached approximately $2,500,000,000,000," the agency official said, adding that this represented more than 10% of global trade and that demand could triple by 2030 and quadruple by 2040.
The official warned that, while the surge in demand offers an opportunity to create jobs and diversify economies, it also fuels geopolitical competition, environmental…
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