India and Brazil Forge Partnership on Critical Rare Earth Elements
According to the International Desk of Webangah News Agency, Brazil and India have formalized a significant agreement to strengthen their collaboration in the field of rare earth elements. This pact was inked following a high-level meeting between Brazilian President Luiz Inácio Lula da Silva and Indian Prime Minister Narendra Modi in New Delhi.
The discussions between President Lula da Silva and Prime Minister Modi primarily focused on enhancing bilateral trade volumes and exploring joint investment opportunities. Both leaders emphasized the strategic importance of critical minerals and rare earth elements for future industrial development.
In a joint press statement, Prime Minister Modi described the agreement concerning critical minerals and rare earth elements as a substantial stride towards creating sustainable and secure supply chains. He highlighted the move as crucial for India’s growing technological and industrial ambitions.
President Lula da Silva, in a separate statement, reiterated that deepening cooperation in renewable energy and critical minerals forms the backbone of the agreement. He indicated that this partnership is poised to unlock new avenues for economic growth and technological advancement for both nations.
Currently, China dominates the global extraction and processing of a substantial portion of rare earth elements and critical minerals. In recent months, the Asian powerhouse has faced increased scrutiny and efforts by the United States to break Beijing’s monopoly in this strategically vital industry, alongside China’s own tightening control over its exports.
Brazil, which possesses the world’s second-largest reserves of critical minerals after China, stands to benefit significantly from this enhanced partnership. These valuable resources are integral to numerous industries, including the manufacturing of electric vehicles, solar panels, smartphones, jet engines, and guided missiles.
