India is pursuing a landmark Minerals Partnership Agreement with the United States. (representative)
New Delhi:
Commerce Minister Piyush Goyal today said India has sought a Minerals Partnership Agreement with the United States as it hopes to negotiate a broader trade pact between the two nations.
“I have suggested that the Critical Minerals MoU should be converted into a Critical Minerals Partnership and become a starting point for conversion into an FTA (Free Trade Agreement),” Piyush Goyal told reporters at a press briefing in New Delhi.
Earlier this month, India and the US signed an initial cooperation pact to strengthen supply chains in both countries for lithium, cobalt and other important minerals used in electric vehicles and clean energy applications.
The MoU fell far short of a full essential minerals trade deal that would have allowed India to take advantage of the US electric vehicle tax credit of $7,500.
Mineral-focused trade deals are one way US President Joe Biden’s administration hopes to open up access for trusted allies to a $7,500-per-vehicle tax credit introduced in last year’s climate-focused Deflation Act.
(Except for the headline, this story was not edited by NDTV staff and was published by a syndicated channel.)
