India, U.S. sign MoU on critical minerals supply chains

Union Minister Piyush Goyal and U.S. Secretary Gina Raimondo discuss critical minerals, semiconductors, and innovation for economic prosperity.

Union Minister of Commerce and Industry Piyush Goyal and U.S. Commerce Secretary Gina Raimondo held the 6th Commercial Dialogue here on Thursday (October 4, 2024) during which they reviewed the progress made in semiconductors supply chains, innovation handshake, energy-industry network and the Indo-Pacific Economic Framework for Prosperity.

Also read: India, U.S. exploring combined engagement with third countries to source minerals: Piyush Goyal

A day earlier, the two leaders signed a new memorandum of understanding (MoU) to expand and diversify critical minerals supply chains, with the aim of leveraging the two countries' complementary strengths to ensure greater resilience in the critical minerals sector.

Priority areas of focus include identifying equipment, services, policies and best practices to facilitate the mutually beneficial commercial development of the U.S. and Indian critical minerals exploration, extraction, processing and refining, recycling and recovery, a media release said.

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

Since 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", launched under the US-India initiative on critical and emerging technology to identify near-term industry opportunities and facilitate longer-term strategic development of complementary semiconductor ecosystems.

Mr. Goyal and Ms. Raimondo pledged to continue working under the MoU to facilitate collaboration between US and Indian 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 Department of Commerce said in a statement.