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Global Powers Unite to Secure Critical Minerals Supply Chains in Washington

Union Minister Ashwini Vaishnaw participated in a Critical Minerals Ministerial meeting hosted by US Treasury Secretary Scott Bessent in Washington DC. The meeting brought together finance ministers from major economies to discuss securing and diversifying supply chains for critical minerals like rare earth elements. Secretary Bessent expressed optimism that nations would focus on prudent derisking strategies rather than economic decoupling. Participants shared a strong desire to quickly address key vulnerabilities and increase the resilience of these strategically vital supply chains.

Key Points: Global Meeting on Critical Minerals Supply Chains

  • Addressing supply chain vulnerabilities
  • Pursuing derisking over decoupling
  • Diversifying sources of critical minerals
  • Enhancing global supply chain resilience
3 min read

Union Minister Ashwini Vaishnaw participates in Critical Minerals Ministerial meeting hosted by US Treasury Secretary

US Treasury hosts ministers to address vulnerabilities in critical minerals supply chains, focusing on derisking and diversification.

"I am optimistic that nations will pursue prudent derisking over decoupling - Scott Bessent"

Washington DC, January 13

Union Minister for Railway, Information & Broadcasting, Electronics and Information Technology, Ashwini Vaishnaw, participated in the Critical Minerals Ministerial meeting hosted by United States Treasury Secretary Scott Bessent on Tuesday.

Bessent convened a meeting of Finance Ministers at the United States Treasury to discuss solutions to secure and diversify supply chains for critical minerals, especially rare earth elements.

In a post on X, the Secretary of the Treasury wrote, "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."

According to the US Department of Treasury, participants in the Ministerial included Treasurer of Australia, Jim Chalmers; Minister of Finance of Canada, Francois-Philippe Champagne; European Commissioner for Economy and Productivity and Commissioner for Implementation and Simplification, Valdis Dombrovskis; Minister of the Economy, Finance, and Energy of France, Roland Lescure; Vice Chancellor and Federal Minister of Finance of Germany, Lars Klingbeil were present.

Additionally, Union Minister for Railway, Information & Broadcasting, Electronics and Information Technology of India, Ashwini Vaishnaw; Minister of Economy and Finance of Italy, Giancarlo Giorgetti; Minister of Finance of Japan, Satsuki Katayama; Secretary of Finance and Public Credit of Mexico, Edgar Amador Zamora; Deputy Prime Minister and Minister of Economy and Finance of the Republic of Korea, Yun-Cheol Koo; and Chancellor of the Exchequer of the United Kingdom, Rachel Reeves. U.S. Trade Representative Jamieson Greer; President and Chairman of the Export-Import Bank of the United States, John Jovanovic; and JPMorgan Managing Director Jay Horine were also presented on key areas of focus.

Throughout the course of discussions, attendees expressed a strong, shared desire to quickly address key vulnerabilities in critical minerals supply chains. The United States highlighted actions and investments it has already undertaken, as well as planned steps to create resilient, secure, and diversified critical minerals supply chains, a release 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.

According to a release, 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 resilience and thanked them for their willingness to both learn from and work quickly with one another toward decisive action and lasting solutions.

- ANI

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Reader Comments

P
Priya S
Diversifying supply chains is crucial. We've seen how over-reliance on one country can create problems. Hope this leads to concrete partnerships and investments in mining and processing within India. Our geological survey needs more funding to explore our own resources.
R
Rohit P
Good move, but I hope our focus is also on developing domestic capabilities. We can't just be a consumer in these global chains. We need to be a producer and processor. "Make in India" should extend to critical minerals too.
S
Sarah B
Interesting to see the focus on "derisking" over "decoupling." That's a more pragmatic approach for global trade. Stability in these supply chains is key for everything from smartphones to electric vehicles. Hope the collaboration is fruitful.
K
Karthik V
While international cooperation is good, I have a respectful criticism. Our minister holds three major portfolios. Can he give enough focus to such a specialized area? Maybe we need a dedicated minister or secretary for critical resources. The intent is right, but execution needs dedicated attention.
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Nisha Z
This is about our strategic autonomy. Rare earth elements are the new oil. Partnerships with US, Australia, Japan are excellent, but we must also fast-track agreements with resource-rich countries in Africa and South America. Time to be proactive!

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