“Precedence areas of focus embody figuring out tools, companies, insurance policies and finest practices to facilitate the mutually helpful business growth of US and Indian important minerals exploration, extraction, processing and refining, recycling and restoration,” Commerce mentioned.
Goyal, talking at a Heart for Strategic and Worldwide Research in Washington after the signing, described the MOU as a multi-dimensional partnership that would come with open provide chains for supplies, know-how growth and funding flows to advertise inexperienced power.
He mentioned the US and India would additionally want to incorporate third nations of their engagement, together with mineral-rich nations in Africa and South America.
The MOU, which Reuters first reported was within the works on Monday, falls far in need of a full important minerals commerce deal that may enable India to profit from the $7,500 US electrical car tax credit score.
Japan final yr signed a take care of the US Commerce Consultant’s workplace that permits Japanese automakers to extra totally take part within the credit score, aiming to scale back US-Japanese mineral dependence on China and prohibiting bilateral export controls on lithium, nickel, cobalt, graphite, manganese and different minerals.
(By David Lawder; Modifying by David Gregorio)