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India is in talks to develop critical mineral partnerships with US, others: Goyal

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Union Commerce and Industry Minister Piyush Goyal on Wednesday said India is in discussions with multiple countries, including the US, to establish partnerships and collaborations for the development and processing of vital minerals to meet local demands.Speaking at the 66th Annual Session of the Automotive Component Manufacturers Association of India (ACMA) in New Delhi, Goyal said that India is a member of the Critical Minerals Partnership, actively participating in the Pax Silica grouping, and working with partners in the UK and Europe to create more robust critical mineral supply chains.He said, “We are actively involved in the Pax Silica grouping that they have established, we are a member of the Critical Minerals Partnership, and with several of our partners in the UK and Europe, we are in dialog about how we can build more resilient supply chains.””We are talking to some countries with whom we will be having collaborations and partnerships to promote critical minerals being processed and developed for our requirements, with the US also.” The only thing that is true is that India is changing,” he added.In addition, Goyal emphasized in his speech that nine trade agreements signed over the last four to five years have given India access to countries with a combined GDP of around USD 60 trillion, significantly boosting potential for Indian exporters.Approximately USD 50 billion in global trade, split equally between imports and exports. With the addition of 38 wealthy nations, our total GDP now stands at USD 60 trillion, he said.

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