India, US ink MoU to cooperate on critical battery mineral supply chains: Report

Minister of Commerce and Industry Piyush Goyal and U.S. Commerce Secretary Gina Raimondo inked an agreement on Thursday, 3 October 2024, to strengthen supply chains in India and the United States for critical minerals in EVs and other clean energy applications, including cobalt and lithium, Reuters reported.  

The MoU, inked on the minister's visit to Washington, was to bolster resistance in the sector for both the countries, respectively. 

The MoU further added that priority areas of focus would look at the facilitation of mutually beneficial commercial development of U.S. and Indian critical minerals exploration, extraction, processing and refining, recycling and recovery,

Goyal noted that the MoU would look at open supply chains for materials, technology development and investment flows to promote green energy, adding that both the countries would also need to involve third countries in their engagement, which would also encompass mineral-rich countries in Africa and South America, the newswire noted. 

The MoU does not have a provision for a full critical minerals trade deal that would enable India to benefit from the $7,500 U.S. electric vehicle tax credit, Reuters reported.