Indian commerce and industry minister Piyush Goyal and US Commerce secretary Gina Raimondo have signed an agreement to cooperate to expand and diversify critical mineral supply chains including lithium, cobalt and other minerals for applications in EVs and clean energy projects.
Goyal said the partnership would include open supply chains for materials technology development and investment flows to promote green energy.
The US Commerce department said priority areas of focus include identifying equipment, services, policies and best practices. These would facilitate the mutually beneficial commercial development of US and Indian critical minerals exploration, extraction, processing and refining, recycling and recovery, it added.
Goyal, speaking at the Centre for Strategic and International Studies in Washington, added that the US and India would need to include third countries in their engagement, including mineral-rich countries in Africa and South America.
Back home, addressing the US-India Business Councils AGM in New Delhi, he confirmed the two countries were working together towards becoming self-reliant in critical minerals, strengthening supply chains and adopting cutting-edge technologies.
Reuters reported the US and Japan signed a deal last year to allow Japanese car manufacturers to share in the EV credit scheme. The aim was to reduce both US and Japanese dependence on China and prohibit both sides from export controls on lithium, nickel, cobalt, graphite, manganese and other minerals.
However, the US EV tax credit of $7,500 would not be available to India, short of a full trade deal.
Photo: Indian commerce and industry minister Piyush Goyal said partnership would include open supply chains for materials technology development and investment. Wikimedia Commons
