US Commerce Secretary Gina Raimondo and Indian Commerce Minister Piyush Goyal have agreed to collaborate to reinforce provide chains for lithium, cobalt and different vital minerals utilized in EVs and clear power applied sciences.
In keeping with an announcement from the Commerce Division, the memorandum of understanding (MOU) signed throughout Goyal’s go to to Washington goals to determine every nation’s resilience within the sector.
The 2 officers confirmed that making certain provide chain resilience stays a mutual coverage focus within the two nations’ industrial relationship.
The MOU will broaden and range vital minerals provide chains, utilise the respective strengths of each nations and improve resilience within the vital minerals business, as per the assertion.
“Precedence areas of focus embrace figuring out gear, providers, insurance policies, and finest practices to facilitate the mutually helpful industrial improvement of US and Indian vital minerals exploration, extraction, processing and refining, recycling, and restoration,” the US Commerce Division stated.
Goyal, talking at a Centre for Strategic and Worldwide Research occasion in Washington after the settlement was signed, characterised the MOU as a complete collaboration encompassing clear provide chains for sources, know-how development and capital motion to assist sustainable power.
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Delighted to announce the signing of the MoU to ‘Broaden and Diversify Vital Minerals Provide Chains’ between India and the US. 🇮🇳🇺🇸
This improvement was the spotlight of the sixth India-US Business Dialogue that I co-chaired with the US Secretary of Commerce @SecRaimondo,… pic.twitter.com/RWv8EGEhKQ
— Piyush Goyal (@PiyushGoyal) October 4, 2024
He emphasised the necessity for the US and India to contain different nations of their interactions, together with nations in Africa and South America with ample mineral sources.
The MOU, initially reported by Reuters on Monday, doesn’t represent an entire vital minerals commerce settlement that may allow India to reap the benefits of the $7,500 US EV tax credit score.
The Biden administration has lately allotted important sources to reinforce home provide chains for vital minerals, protecting the complete course of from mining to manufacturing to recycling.
In keeping with the US Authorities, these investments improve US power and nationwide safety, assist US manufacturing, generate well-compensated and unionised jobs in mining, building and manufacturing, and reduce dependence on unreliable provide chains.