India, US sign MoU to diversify critical minerals supply chains

India and the United States have signed a Memorandum of Understanding (MoU) to expand and diversify critical minerals supply chains. The MoU will leverage complementary strengths and facilitate mutually beneficial development of Indian and US critical minerals exploration, extraction, processing, recycling, and related activities.

The agreement was signed by India’s Commerce and Industry Minister Piyush Goyal and the US Secretary of Commerce Gina Raimondo who had co-chaired the 6th India-US Commercial Dialogue in Washington DC.

The Dialogue was convened to improve business and investment climate between the two countries, with a renewed focus on new and emerging technologies.

The Dialogue’s priority areas included supply chains resilience, climate and clean technology cooperation, inclusive digital growth, and standards and conformance cooperation.

Piyush Goyal held a one-on-one bilateral talk with the U.S. Trade Representative Ambassador Katherine Tai and discussed areas of mutual interests, including the pathway for strengthening ongoing bilateral cooperation under the India U.S. Trade Policy Forum, and further ways to add to two-way trade between the two countries.

On the sidelines of the India-US Commercial Dialogue, the Minister held one-on-one meetings with the Chairman of Carlyle Group, William E. Convay Jr. and Julian Nebreda, CEO of Fluence Energy, a Siemens, and AES Company.

Speaking at an American thinktank, the Center for Strategic and International Studies (CSIS) on the theme of “India’s Evolving Manufacturing Landscape”, the Minister outlined India’s renewed push to become the leading manufacturing destination and further integrate into global supply chains.