IPEF Bloc Spearheads Critical Minerals Dialogue Amid Global Trade Shift

The Indo-Pacific Economic Framework (IPEF) bloc, including 14 countries like India and the US, has initiated a dialogue focused on critical minerals. This initiative aims to address regulatory and technological disparities while reducing dependency on China, thereby creating resilient supply chains for clean energy technologies.

In a significant move, 14 member nations of the Indo-Pacific Economic Framework (IPEF), including major players like India and the United States, have launched a dialogue focusing on critical minerals. This conversation targets regulatory harmonization and technological advancement to foster cooperation across the sector, according to a statement from an official on Thursday.

This dialogue operates alongside an established action plan team under the supply chain council, emphasizing the strategic significance of these minerals. An important goal is for India to mitigate its dependency on Chinese mineral imports. The IPEF, initially formed in May 2022 in Tokyo, comprises countries that collectively hold 40% of global GDP and oversee 28% of global trade in goods and services.

With 14 member countries including Australia, Japan, and Vietnam participating, discussions will revolve around understanding collective resource allocations, regulatory landscapes, and the technological gaps that exist, with a significant emphasis on batteries and recycling technologies. Australia spearheads this initiative, leveraging its abundant lithium reserves to play a pivotal role in creating a resilient supply chain.

(With inputs from agencies.)