Piyush Goyal Advocates Stronger Global Collaborations for Critical Mineral Supply Chains

Commerce and Industry Minister Piyush Goyal has urged for enhanced collaboration among trusted partner countries to ensure smooth supply chains for critical minerals, semiconductors, pharmaceuticals, and green energy. Addressing the G7 Trade Ministers' meeting, Goyal emphasized the importance of resilient global supply chains, especially during crises like pandemics and geopolitical conflicts.

Commerce and Industry Minister Piyush Goyal has called for bolstering collaborations among trusted partner countries to ensure the smooth supply of critical minerals, semiconductors, pharmaceuticals, and green energy. This call came during the G7 Trade Ministers' meeting in Reggio Calabria, Italy.

Goyal underlined the necessity of analyzing the robustness of global supply chains amid crises such as the pandemic, the Ukraine-Russia conflict, and the Red Sea crisis. He highlighted various initiatives to build resilient supply chains, including the G20 Generic Framework for Mapping GVCs, the 14-member IPEF, the Trilateral Supply Chain Resilience Initiative, and the India-EU Trade and Technology Council.

The minister stressed the importance of public-private partnerships, investments in critical infrastructure, innovation, and consistent regulatory frameworks across G7 countries and partner nations. He pointed out that critical minerals, such as cobalt, copper, lithium, nickel, and rare earths, are essential for clean energy technologies and are especially in demand for electric car batteries. Goyal emphasized that during global uncertainties, aligning investment, trade, environment, and energy policies is crucial to fortifying global supply chains.

(With inputs from agencies.)