India Joins US-Led Push to Secure Critical Minerals Supply Chains

Following the meeting, Vaishnaw highlighted India's priorities in a post on X, stating, "Participated in the Critical Minerals Ministerial Meeting hosted by Treasury Secretary @SecScottBessent. Strengthening critical mineral supply chains is vital to enhancing the resilience of India's manufacturing capabilities and rapidly growing electronics sector."

The ministerial, convened at the United States Treasury, brought together finance ministers and senior economic leaders from major global economies, including Australia, Canada, France, Germany, Italy, Japan, Mexico, South Korea, the United Kingdom and the European Union.

US Trade Representative Jamieson Greer, President and Chairman of the Export-Import Bank of the United States, John Jovanovic, and JP Morgan Managing Director Jay Horine also presented on key focus areas during the discussions.

According to the US Treasury, participants expressed a strong, shared desire to quickly address key vulnerabilities in critical minerals supply chains, which have become increasingly concentrated and susceptible to disruption and manipulation. The United States highlighted actions and investments it has already undertaken, as well as planned steps aimed at creating resilient, secure and diversified supply chains.

Secretary Bessent underscored the importance of coordinated international action, urging countries to strengthen supply chain resilience while avoiding fragmentation. He later reiterated this approach in a post on X, saying, "At today's Finance Ministerial hosted by the @USTreasury, I was pleased to hear a strong, shared desire to quickly address key vulnerabilities in critical minerals supply chains.I am optimistic that nations will pursue prudent derisking over decoupling and understand well the need for decisive action."

In its official statement, the Treasury said, "Secretary Bessent expressed his optimism that nations will pursue prudent derisking over decoupling, and that they understand well the need to remedy current deficiencies in critical minerals supply chains. Noting that these supply chains have also become highly concentrated and vulnerable to disruption and manipulation, the Secretary urged attendees to increase their supply chain resiliency and thanked attendees for their willingness to both learn from and work quickly with each other towards decisive action and lasting solutions."

The ministerial reflects growing global efforts to reduce dependence on limited sources of critical minerals and to enhance economic security amid evolving geopolitical and technological challenges.

- IANS