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After signing a memorandum of understanding (MoU) with the United States (US) on critical minerals, India is now seeking a binding pact on such minerals between both nations.
Such a pact will pave the way for India to become a manufacturing hub and also boost its exports.
“I had suggested that the critical mineral MoU be converted to a critical mineral partnership and become a starting point to an FTA (free trade agreement),” Commerce and Industry Minister Piyush Goyal told reporters on Saturday.
Unlike an MoU, a partnership on critical minerals between India and the US will be binding in nature.
If such a partnership materialises between both countries, India will be able to get ‘FTA-like status’ and will be eligible for some benefits under the US Inflation Reduction Act. The US signed a similar agreement with Japan on electric vehicle battery minerals in March.
However, considering that the US election is slated for next month, a decision on India’s proposal will be taken when the new government takes charge.
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The push for a broader pact comes against the backdrop of Goyal’s visit to the US earlier this month. Both sides had signed a new memorandum of understanding (MoU) to expand and diversify critical mineral supply chains, with the aim of ensuring greater resilience in the critical minerals sector.
The minister also said that during his visit to New York and Washington, there was a discussion to restructure the CEO Forum. The India-US CEO Forum is a platform that allows private sector members to develop and provide recommendations to the Indian and US governments, reflecting the private sector’s views, concerns, and suggestions, including the creation of an environment in which bilateral economic links are strengthened.
The Forum is chaired jointly by Goyal and the US Secretary of Commerce, Gina Raimondo. From the private sector, the Forum is co-chaired by N Chandrasekaran, chairman of Tata Sons, and James Taiclet, president and CEO of Lockheed Martin.
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