India and US sign MoU to “Expand and Diversify Critical Mineral Supply Chains”

In addition to the main agenda, Minister Goyal held a one-on-one bilateral discussion with U.S. Trade Representative Ambassador Katherine Tai.

The 6th consecutive India-U.S. Commercial Dialogue was held today at the U.S. Department of Commerce in Washington, D.C., co-chaired by Shri Piyush Goyal, Union Minister of Commerce and Industry for India, and Ms. Gina Raimondo, U.S. Secretary of Commerce. This important dialogue aims to enhance the business and investment climate between the two nations, with a renewed emphasis on new and emerging technologies. Key Areas of Focus

The Dialogue prioritized four key areas for cooperation:

Supply Chains Resilience

Climate and Clean Technology Cooperation

Inclusive Digital Growth

Standards and Conformance Cooperation

Strengthening Supply Chains

A significant outcome of the Dialogue was the signing of a Memorandum of Understanding (MoU) aimed at expanding and diversifying critical mineral supply chains. This agreement is set to leverage the complementary strengths of both countries to facilitate the exploration, extraction, processing, recycling, and related activities of critical minerals in India and the U.S. This partnership is essential for both nations as they navigate the challenges posed by global supply chain disruptions.

Bilateral Discussions

In addition to the main agenda, Minister Goyal held a one-on-one bilateral discussion with U.S. Trade Representative Ambassador Katherine Tai. They explored pathways to strengthen bilateral cooperation under the India-U.S. Trade Policy Forum and discussed strategies to enhance two-way trade between the nations.

On the sidelines of the Commercial Dialogue, Minister Goyal also engaged in one-on-one meetings with industry leaders, including Mr. William E. Conway Jr., Chairman of the Carlyle Group, and Mr. Julian Nebreda, CEO of Fluence Energy, a Siemens and AES Company. These meetings highlighted opportunities for investment and collaboration in emerging sectors.

Keynote Address at CSIS

Later in the day, Minister Goyal delivered a keynote address at the Center for Strategic and International Studies (CSIS) under the theme, “India’s Evolving Manufacturing Landscape.” In his address, he emphasized India’s renewed push to become the leading manufacturing destination and the need for further integration into global supply chains. He noted that the Indian government is focused on enhancing the manufacturing ecosystem through policy reforms, investments in technology, and building a skilled workforce.

Commitment to Strengthening Ties

In concluding the visit, Minister Goyal participated in a media interaction where he reaffirmed India’s commitment to bolstering India-U.S. bilateral commercial and trade relations. He emphasized the importance of facilitating investments and supporting India’s innovation ecosystem to generate jobs while keeping pace with rapid technological transformations.

The dialogue not only strengthens the existing ties between India and the U.S. but also paves the way for future collaborations in key sectors, ensuring mutual growth and development in a rapidly changing global economy.