US Secretary of Commerce Gina Raimondo and Indian Minister of Commerce and Industry Piyush Goyal on 3 October. Credit: Piyush Goyal via X.

US Commerce Secretary Gina Raimondo and Indian Trade Minister Piyush Goyal have agreed to collaborate to enhance supply chains for lithium, cobalt and other critical minerals used in EVs and clean energy technologies.Ā 

According to a statement from the Commerce Department, the memorandum of understanding (MOU) signed during Goyal’s visit to Washington aims to establish each nation’s resilience in the sector.Ā 

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

The two officials confirmed that ensuring supply chain resilience remains a mutual policy focus in the two countries’ commercial relationship.  

The MOU will broaden and vary critical minerals supply chains, utilise the respective strengths of both nations and enhance resilience in the critical minerals industry, as per the statement. Ā 

ā€œPriority areas of focus include identifying equipment, services, policies, and best practices to facilitate the mutually beneficial commercial development of US and Indian critical minerals exploration, extraction, processing and refining, recycling, and recovery,ā€ the US Commerce Department said.  

See Also:

Goyal, speaking at a Centre for Strategic and International Studies event in Washington after the agreement was signed, characterised the MOU as a comprehensive collaboration encompassing transparent supply chains for resources, technology advancement and capital movement to support sustainable energy.Ā 

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile ā€“ free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

He emphasised the need for the US and India to involve other nations in their interactions, including countries in Africa and South America with abundant mineral resources. 

The MOU, initially reported by Reuters on Monday, does not constitute a complete critical minerals trade agreement that would enable India to take advantage of the $7,500 US EV tax credit.Ā 

The Biden administration has recently allocated significant resources to enhance domestic supply chains for critical minerals, covering the entire process from mining to manufacturing to recycling. 

According to the US Government, these investments enhance US energy and national security, support US manufacturing, generate well-compensated and unionised jobs in mining, construction and manufacturing, and decrease dependence on unreliable supply chains.Ā