India, United States ink MoU to increase & branch out important minerals supply chains–

India and the United States have actually tattooed an arrangement to coordinate on reinforcing supply chains in both nations for lithium, cobalt and various other important minerals. The memorandum of understanding (MoU) was authorized in between Commerce Minister Piyush Goyal and United States Commerce Secretary Gina Raimondo.

On Thursday (October 4), Goyal and Raimondo held the sixth Commercial Dialogue Washington throughout which they assessed the development made in semiconductors supply chains, technology handshake, energy-industry network and the Indo-Pacific Economic Framework for Prosperity.

The MoU that takes care of minerals, majorly utilized in electrical lorries (EVs) and tidy power, was authorized throughout Goyal’s United States go to.

Delighted to introduce the finalizing of the MoU to ‘Expand and Diversify Critical Minerals Supply Chains’ in between India and the United States.

This advancement was the emphasize of the sixthIndia- United States Commercial Dialogue that I co-chaired with the United States Secretary of Commerce @SecRaimondo, … pic.twitter.com/RWv8EGEhKQ

— Piyush Goyal (@PiyushGoyal) October 4, 2024

According to a record by Reuters, the United States Commerce Department claimed, “Priority 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.”  

During the commercial dialogue, Goyal and Raimondo praised the two sides’ continuing efforts to facilitate resilient, secure and sustainable semiconductor supply chains.

With the signing of the MoU establishing a semiconductor supply chain and an innovation partnership under the framework of the US-India Commercial Dialogue, the US Semiconductor Industry Association and the India Electronics Semiconductor Association have completed their private sector “readiness assessment”, released under the United States-India campaign on important and arising modern technology to determine near-term market possibilities and help with longer-term tactical advancement of corresponding semiconductor ecological communities.

Both the ministers have also pledged to continue working under the MoU to facilitate collaboration between the Indian and American companies towards mutually beneficial business opportunities, such as investments, joint ventures and technology partnerships, and to promote talent and workforce development to benefit both countries, the US Department of Commerce said in a statement.

Both the leaders also reviewed other joint efforts that have been made, including under the India-US Strategic Trade Dialogue and the Standards and Conformance Cooperation Program (SCCP). Looking ahead, they discussed several priorities for future collaboration, including critical minerals.

Goyal and Raimondo looked forward to the US Department of Commerce-led Global Diversity Export Initiative Trade Mission to India in March 2025, with a focus on expanding opportunities in the Indian market for US SMEs that are owned, operated or led by members of underserved communities.

They also praised plans to expand the US Department of Commerce’s presence in India to a total of about 70 Foreign Commercial Service staff across seven cities.

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