Preparation to end China’s dominance, proposal for mineral sharing agreement with America…

India has offered a Mineral Partnership Agreement (CMPA) with the US, which will give industries like electric vehicles some leverage in the US market.

Commerce and Industry Minister Piyush Goyal gave this information. India had raised the issue during the minister’s visit to the US earlier this month.

Also, the two countries signed a Memorandum of Understanding (MoU) to enhance cooperation in the critical minerals supply chain. Critical minerals such as cobalt, copper, lithium, nickel and rare earths play a big role in clean energy technologies, from wind turbines to electric cars.

This is considered very important for the purpose of curbing China’s growing dominance in the mineral sector. Apart from India and America, Australia and Japan are also working on securing the supply chain of important minerals.

This includes the process from mineral deposits, their digging and processing to final use. At present, China appears to have control over most of the mines and production facilities.

There is also a partnership agreement between Japan and America, under which non-American companies will be given priority.

‘American industry has keen interest in increasing investment in India’

Piyush Goyal said, ‘I have suggested that our minerals MoU should be converted into a critical minerals sharing agreement.

At the same time, it should serve as a starting point for moving toward a free trade agreement. He said that the US Congress is not very enthusiastic about FTA with any country.

Last year, the US and Japan signed an agreement on critical minerals. Goyal also said that during his visit, US industry showed keen interest in increasing investments in various sectors in India.

‘Considering investment of US$10 billion’

Without naming names, the Union Minister said that a company is considering investing US $ 10 billion in areas like data centers and quantum computing for AI.

Technology transfer was also discussed during Goyal’s visit. He said that there was 10 years of cooperation and coordination with the US administration under the leadership of Prime Minister Narendra Modi.

Due to this, the relations between the two countries in the field of trade and investment have today entered such a phase where instead of doubt and dispute, new trust has been established towards India. Goyal had gone on a 4-day visit to America earlier this month.

During the first two days, he held meetings with industry representatives, associations and investors in New York. In the second leg of the visit he participated in the India-US CEO Forum meeting in Washington.

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