Washington, Feb 4 (IANS) External Affairs Minister Dr S. Jaishankar on Wednesday said that India supports structured international cooperation to reduce risks in critical mineral supply chains, as the United States urged allies to work towards a coordinated trading framework.
Addressing the Critical Minerals Ministerial in Washington, EAM Jaishamkar flagged the risks created by excessive concentration in global supply chains. He stressed the need to de-risk those chains through coordinated and structured cooperation among countries.
He highlighted India’s efforts to build resilience through initiatives such as the National Critical Minerals Mission, Rare Earth Corridors, and responsible commerce. Jaishankar also conveyed India’s support for the FORGE initiative on critical minerals.
His remarks came as Vice President J.D. Vance invited allies and partners to work together to reshape the global critical minerals market.
Vance said modern economies still depended on “real things” and that critical minerals were as essential as oil and gas. He warned that supply chains had become brittle and highly concentrated.
“There is no realer thing than critical minerals,” he said.
Vance said erratic prices and market distortions had made long-term investment difficult. He pointed to repeated cases in which mining and processing projects collapsed after sudden market flooding caused prices to crash.
He told delegates that countries represented at the meeting together accounted for close to two-thirds of global GDP. Acting together, he said, they had the power to change how the market works.
“We’re all on the same team,” Vance said.
He outlined a proposal for a preferential trade zone for critical minerals among allies and partners. The zone would be shielded from external disruptions and built around reference prices at each stage of production.
Those prices would act as a floor, enforced through adjustable tariffs, to prevent dumping that undercuts domestic producers, Vance said.
“We want members to form a trading block among allies and partners,” he added.
Vance said the goal was to create stable prices, support private financing, and allow long-term planning. He said the bloc would also help guarantee access to critical minerals during emergencies.
Secretary of State Marco Rubio followed with opening remarks and said the issue was central to national security.
“Critical minerals are vital to the devices that we use every single day,” Rubio said. He said they power infrastructure, industry, and national defence.
Rubio said President Donald Trump made the issue a priority from his first day in office. He cited an executive order issued in March to speed up permitting, increase domestic mining, and strengthen supply chains at home and abroad.
He pointed to existing efforts rather than new announcements. Rubio said the United States secured more than $10 billion in critical mineral agreements across five countries in October.
He also referred to the Pax Silica Summit held in December, which launched a partnership focused on building a resilient silicon supply chain.
Rubio warned that technologies such as artificial intelligence would not advance without reopening mines and rebuilding factories.
He drew a parallel to the Washington Energy Conference held about 50 years ago, which led to the creation of the International Energy Agency after oil became a tool of political pressure.
“This is not solely an American initiative,” Rubio said. “This must be an international global initiative with like-minded countries.”
–IANS
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