The U.S. and the EU have signed a partnership memorandum on critical minerals
In Washington, European Commissioner for Trade Maroš Šefčovič and U.S. Secretary of State Marco Rubio signed a memorandum of cooperation on rare earth minerals.
The document provides for the creation of incentives for the procurement of critical resources, in particular through minimum price mechanisms. Such measures are expected to help support suppliers not affiliated with China.
During the ceremony, Rubio highlighted the risks of excessive concentration of critical resources in the hands of individual countries and emphasized the importance of diversifying supplies for economic and national security.
“The excessive concentration of these resources—specifically, the fact that they are controlled by one or a few countries—is an unacceptable risk,” he noted.
For his part, Šefčovič stated that the memorandum will help make cooperation between the U.S. and the EU more strategic and effective.
“Together, we will achieve our goals much faster and become stronger in this very important area,” the European Commissioner emphasized.
The U.S. and the U.K. have signed a cooperation agreement on critical minerals. The partnership aims to diversify supply chains, coordinate investments, and protect against unfair competition.
The United States plans to discuss with G7 countries and other partners steps to reduce dependence on critical mineral supplies from China. According to Reuters, Beijing supplies between 47% and 87% of global demand for copper, lithium, cobalt, graphite, and rare earth elements, effectively controlling a significant portion of this market.
