India’s Minister of Trade, Piyush Goyal, announced on Thursday that he has signed an agreement with U.S. Secretary of Commerce Gina Raimondo to collaborate on the supply chain of key minerals for electric vehicles and other clean energy batteries.
According to Reuters, Goyal made the comments during an event at the Center for Strategic and International Studies in Washington after meeting with Raimondo. He described the agreement as a memorandum of understanding but did not provide further details on its scope.
Analysts suggest that the United States is accelerating the establishment of a global alliance for critical minerals for economic and national security reasons to create a “new international order” in the critical minerals sector. The U.S. is working with allies across the entire Indo-Pacific region, including Australia, India, Indonesia, Japan, Malaysia, New Zealand, the Philippines, and South Korea, to continually shift critical mineral supply chains away from China.
Global demand for critical minerals is continuously rising, particularly as countries seek to transition to renewable energy. With substantial reserves of critical minerals, India is seeking assistance from American companies to develop its critical minerals industry.
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