INSUBCONTINENT EXCLUSIVE:
Goyal is scheduled to be in the US this week to discuss ways to deepen overall bilateral trade ties
| Image: Shutterstock2 min read Last Updated : Sep 30 2024 | 3:30 PM IST
India and the United States are likely to sign an initial pact
for cooperation on critical minerals this week, two government sources said, as the two countries try to bolster trade ties despite
diplomatic hiccups.
They are expected to sign an agreement to partner and cooperate in the area of critical minerals during Indian trade
minister Piyush Goyal's visit to Washington, the sources said.Click here to connect with us on WhatsApp
Goyal is scheduled to be in the US
this week to discuss ways to deepen overall bilateral trade ties, according to one of the sources, weeks before the White House's
Gina Raimondo and US Trade Representative Katherine Tai this week, according to a statement from the Indian government.
Earlier this
month, Indian Prime Minister Narendra Modi and President Joe Biden met in Delaware one-on-one as well as part of the Quad grouping which
also includes the leaders of Australia and Japan.
The initial pact on critical minerals would help build supply chains, exchange technical
know-how, and promote collaboration between Indian and American businesses in the sector, the first official said.
India's federal trade
ministry did not immediately respond to a Reuters email for comment.
Reuters reported in June that state-run Coal India Ltd is exploring
lithium blocks in Argentina along with a US company to secure supplies of the battery material.
India has also proposed a separate
critical minerals trade deal with the United States
This deal would prohibit the imposition of tariffs by both countries and will be similar to a pact with Japan that grants Japanese
automakers wider access to US electric vehicles tax credit.
India is a member of the US-led Minerals Security Partnership, which aims to
ensure adequate supplies of minerals needed to meet zero-carbon goals
Last year, Modi's government identified 30 minerals, including lithium and nickel, as critical for driving the adoption of clean
energy.
India-US bilateral trade in the 2023-24 fiscal year stood at nearly $120 billion, a record high
Under the Biden administration, the two nations mutually resolved all their disputes at the World Trade Organisation, a development India
called "historic".(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the
content is auto-generated from a syndicated feed.)First Published: Sep 30 2024 | 3:30 PMIST
