Indian Trade Minister Piyush Goyal and U.S. Commerce Secretary Gina Raimondo announced the signing of a memorandum of understanding for supply chains involving lithium, cobalt, and other key materials necessary for EV batteries, according to news reports on Thursday. The agreement was signed during Goyal's visit to Washington.
Following the signing, Goyal said that the MOU represents a multidimensional partnership that includes open supply chains for the flow of materials, technology development, and investment to promote green energy. He noted that the two nations should involve third countries, including mineral-rich nations in Africa and South America.
"Priority areas of focus include identifying equipment, services, policies and best practices to facilitate the mutually beneficial commercial development of U.S. and Indian critical minerals exploration, extraction, processing and refining, recycling and recovery," said the U.S. Department of Commerce.
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