Source : PTI | New Delhi: India and the US on Tuesday firmed up a key framework for cooperation in ensuring steady supplies of critical minerals, a move that comes amid growing concerns over China’s export controls on rare earth elements and strategic metals vital for global technology supply chains.
The framework on securing supplies of mining and processing of critical minerals was signed on the sidelines of the Quad foreign ministers’ meeting in New Delhi.
“It is something very timely and critical,” External Affairs Minister S Jaishankar said in presence of US Secretary of State Marco Rubio.
“This framework aims to deepen our cooperation across the entire critical minerals and rare earth supply chain, including mining, processing, recycling and related investment,” he said.
Critical minerals are considered vital for high-end technology products including electric vehicles (EVs), drones, and battery storage. China has been a dominant player in the critical minerals supply chain globally.
China accounts for around 70 per cent of global rare earth mining.
In his remarks, the external affairs minister said the framework will strengthen resilient and diversified supply chains, help finance projects, and ensure effective management of critical minerals and rare earths.
