Agreement aims to boost collaboration in lithium, cobalt, and other key minerals for EVs and clean energy.
India and the United States officially sign into a memorandum of understanding to further develop and diversify their critical minerals supply chains. This agreement, which focuses largely on the use of lithium and cobalt in electric vehicles and other clean energy technologies, was finalized during a visit of Commerce Minister Piyush Goyal to the U.S. on October 4, 2024.
MoU was signed by Goyal and U.S. Commerce Secretary Gina Raimondo during the 6th India-U.S. Commercial Dialogue held in Washington. Issues reportedly covered in the dialogue include not just progress in the semiconductor supply chain but also Indo-Pacific Economic Framework for Prosperity.
The U.S. Commerce Department said the pact will identify best practices and policies to facilitate critical minerals exploration, extraction, processing, and recycling between the two countries. Goyal welcomed the signing as an important step toward a resilient and sustainable supply chain for critical minerals.
The two ministers expressed renewed commitment for further cooperation between the American and Indian companies through investments, joint ventures, and technology partners. Future cooperation priorities were also discussed including participating in the Global Diversity Export Initiative Trade Mission to India set for March of 2025.
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