A critical minerals perspective on the emergence of geopolitical trade blocs

Abstract

In an era when critical minerals have become the cornerstone of technological advancement and economic security, the evolution of geopolitical trading blocs signifies a transformative phase in international relations. This paper critically examines the evolving landscape of global trade, characterized by the stratification of nations into competing groupings. Through an extensive literature review, the study establishes the current academic discourse on the subject, setting the stage for a deeper analysis of the actual and potential fissures in the Western liberalist rules-based international trading system (RBITS) and the emergence of a ‘competing’ trading system. The rise of the BRICS+6 nations represents a formidable counterweight in global trade power, challenging as it does the strategic rationale underpinning the RBITS. In the wake of the January 2024 BRICS expansion, the central research question is how will the intense geopolitical concentration and competition between two trade groupings impact on the governance of critical mineral supply chains? These emerging rivalries will likely shape future international trade policy and stability in critical minerals markets.