India, US ink pact on critical minerals to break China’s monopoly
New Delhi, May 26 (IANS) India and the US on Tuesday signed a strategic agreement to deepen cooperation in critical minerals and rare earths which constitute key materials for making semiconductors, electric vehicles, solar panels and high-tech defence products.
The pact comes in the backdrop of growing global concerns on China’s dominance over these critical inputs which gives the communist giant the power to disrupt global supply chains.
The agreement was signed during the Quad Foreign Ministers’ meeting here, in the presence of External Affairs Minister (EAM) S Jaishankar and US Secretary of State, Marco Rubio.
“We are today signing a bilateral India-US framework on securing supplies of mining and processing of critical minerals and rare earths. This is something we have also discussed today at the Quad meeting and whether we are doing it bilaterally, or in the Quad format or as a larger gathering of like-minded nations, it is something very timely and critical,” EAM Jaishankar said.
He said the framework aims to deepen cooperation across the entire critical minerals and rare earth supply chain, including mining, processing, recycling and related investment.
Rubio pointed out that the agreement has been signed because India and the US “have a strategic and shared interest in the fact that vibrant innovation economies such as ours cannot afford to leave the foundational materials of these industries vulnerable to single source monopolies that could deny us these things, not just in a time of conflict, but as a leverage point contrary to our sovereign national interests.”
“I have spoken often during my time here over the last few days about the strategic alliance between the United States and India and how important that is for our national interest in the United States. And today is a tangible example of it. We are two countries that have strategic interests in ensuring reliable long-term access to critical minerals and supply chains that are important for our innovation economy,” he explained.
He observed that the groundwork for the agreement was laid for the 4th of February, when India participated in the Critical Minerals Forum hosted in Washington, DC.
He also referred to India signing the Pax Silica Declaration, which is a United States-led strategic coalition aimed at building secure, resilient, and trusted supply chains for artificial intelligence (AI), semiconductors, and critical minerals.
–IANS
sps/na
