NEW DELHI: Quad partners have announced a commitment to mobilize $20 billion in government and private sector support through new and existing initiatives to strengthen critical minerals supply chains, encompassing mining, processing, and recycling. This announcement was made in a joint statement following the foreign ministers' meeting.
Reducing Reliance on China
Looking to reduce dependence on China, which holds a near monopoly in the critical minerals sector, the Quad foreign ministers unveiled a critical minerals initiative framework in a separate joint statement. This was a key outcome of the meeting, as previously reported by TOI. The $20 billion figure was a consensus among Quad partners, based on an assessment of each partner's current activities in this domain, according to MEA additional secretary Nagaraj Naidu during a press briefing.
Concerns Over Export Restrictions
Without naming any specific country, Japanese foreign minister Toshimitsu Motegi stated that the meeting shared deep concern over export restrictions on critical minerals. He emphasized the importance of the Critical Minerals Initiative Framework, describing it as a vital step for strengthening supply chains and promising concrete cooperation.
According to the joint statement, the funding will target projects with a Quad nexus, such as those located in Quad partner countries, operated by companies headquartered in Quad partner nations, or supplying Quad markets. These projects aim to address critical mineral supply chain gaps.
Through the Quad Critical Minerals Initiative, partner countries intend to collaborate using economic policy tools and coordinated investment to accelerate the development of diversified and fair critical mineral markets. This effort supports the supply of critical minerals essential for the region's economic growth and security. The Quad partners also aim to improve the overall environment for critical minerals development, in accordance with their respective domestic laws.
