India and US sign MoU on critical minerals

Commerce and Industry Minister Shri Piyush Goyal and U.S. Secretary of Commerce Ms. Gina Raimondo co-chaired the 6th India-US Commercial Dialogue in Washington D.C. on October 4, 2024. The event, held at the U.S. Department of Commerce, focused on improving the business and investment environment between the two countries, particularly in new and emerging technologies.

Key priority areas discussed included supply chain resilience, climate and clean technology cooperation, inclusive digital growth, and standards and conformance cooperation. As part of the supply chain discussions, India and the U.S. signed a Memorandum of Understanding (MoU) aimed at expanding and diversifying critical mineral supply chains. The agreement is intended to facilitate joint efforts in exploration, extraction, processing, recycling, and related activities in both nations.

During the visit, Shri Goyal also held bilateral talks with U.S. Trade Representative (USTR) Ambassador Katherine Tai. The discussions covered strengthening cooperation under the India-US Trade Policy Forum and exploring avenues to increase bilateral trade. Additionally, Shri Goyal had meetings with Carlyle Group Chairman William E. Conway Jr. and Fluence Energy (jointly owned by Siemens and AES) CEO Julian Nebreda.

Later, Shri Goyal delivered a keynote address at the Center for Strategic and International Studies (CSIS), an American think tank, on the theme “India’s Evolving Manufacturing Landscape,” where he spoke about India’s manufacturing sector and efforts to strengthen its integration into global supply chains. The visit concluded with a media briefing, during which the Minister highlighted India’s focus on promoting bilateral trade and investment with the U.S., as well as supporting the country’s innovation ecosystem to generate jobs and adapt to technological advancements.

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