Indian Commerce Minister Piyush Goyal and US Commerce Secretary Gina Raimondo signed an settlement on Thursday to cooperate on strengthening provide chains within the two nations for lithium, cobalt and different crucial minerals utilized in electrical autos and clear vitality purposes.
The Commerce Division mentioned in a press release that the memorandum of understanding (MOU), signed throughout Goyal’s go to to Washington, was geared toward constructing resilience within the sector for every nation.
“Precedence areas of focus embrace figuring out tools, companies, insurance policies and finest practices to facilitate the mutually helpful industrial growth of US and Indian crucial 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, expertise growth and funding flows to advertise inexperienced vitality.
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 wanting a full crucial minerals commerce deal that will permit India to learn from the $7,500 (roughly Rs. 6.29 lakh) US electrical car tax credit score.
Japan final yr signed a take care of the US Commerce Consultant’s workplace that enables Japanese automakers to extra absolutely take part within the credit score, aiming to cut back US-Japanese mineral dependence on China and prohibiting bilateral export controls on lithium, nickel, cobalt, graphite, manganese and different minerals.
© Thomson Reuters 2024
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