India, US join forces to secure critical battery minerals
U.S. Commerce Secretary Gina Raimondo and Indian Trade Minister Piyush Goyal have signed an agreement on Thursday, October 4, 2024, to invest in strengthening supply chains in their counties for elements like lithium, cobalt, and other minerals. This engagement can be productive for the growth of EVs and clean energy solutions.
“Priority areas of focus include identifying equipment, services, policies and best practices to facilitate the mutually beneficial commercial development of U.S. and Indian critical minerals exploration, extraction, processing and refining, recycling and recovery,” Commerce said.
Commerce
The Memorandum of Understanding (MOU), which Reuters first reported was being discussed on Monday, falls far short of a comprehensive critical minerals trade agreement that would enable India to qualify for the $7,500 U.S. electric vehicle tax credit. Last year, Japan signed an agreement with the U.S.
Critical Minerals Partnership: Japan and the U.S. Strike a Deal
Trade Representative’s office that allows Japanese automakers to more fully participate in the credit. The goal is to reduce U.S.-Japanese mineral dependence on China and prohibit bilateral export controls on lithium, nickel, cobalt, graphite, manganese, and other minerals.
The Memorandum of Understanding (MOU), which Reuters first reported was being discussed on Monday, falls far short of a comprehensive critical minerals trade agreement that would enable India to qualify for the $7,500 U.S. electric vehicle tax credit. Last year, Japan signed an agreement with the U.S.