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India looks for crucial mineral contract with US, wishes for a trade pact, minister states

storyp1> NEW DELHI, Oct 19 (Reuters) India's trade minister on Saturday said the nation has looked for an important mineral collaboration agreement with the United States as he wishes for talks on a more comprehensive trade pact in between the two countries.

I had actually recommended that critical mineral MoU (memorandum of understanding) to be transformed to a critical mineral partnership and become a beginning point to end up being an FTA (Open Market Arrangement), Piyush Goyal told reporters at a press briefing in New Delhi.

Earlier this month, India and U.S. signed a preliminary pact to comply on strengthening supply chains in the 2 countries for lithium, cobalt and other crucial minerals used in electrical cars and clean energy applications.

The MoU fell far short of a complete crucial minerals trade deal that would allow India to benefit from the $7,500 U.S. electric vehicle tax credit.

Minerals-focused trade deals are one manner in which the U.S. President Joe Biden's administration wishes to open up gain access to for trusted allies to a $7,500 per lorry EV tax credit presented in 2015's climate-focused Inflation Decrease Act.


(source: Reuters)