The joint agreement will concentrate on increasing demand and diversifying the supply of essential raw materials by identifying and supporting projects in mining, refining, and recycling. The objective is to decrease dependence on China.
According to a statement, the European Union is one step closer to establishing a partnership with the United States and Japan to “increase economic security and national security” by ensuring the supply of essential basic materials.
In a rare and unexpected demonstration of trade conciliation by the United States under President Donald Trump, the EU and the two nations are anticipated to execute a memorandum of understanding within the next 30 days. The agreement is intended to enhance the security of the critical minerals supply chain.
According to the press release, the forthcoming partnership will “identify and support projects in mining, refining, processing, and recycling to stimulate demand and diversify supply for both participants. It will also include strategies to prevent supply chain disruptions, foster research and innovation, and facilitate information exchange on stockpiling.
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