India and Australia aim to enhance collaboration in critical minerals, processing

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India and Australia aim to enhance collaboration in critical minerals, processing

Business 01 Jul 2024 03:58 PM IST PTI

India and Australia are looking into methods to strengthen cooperation in vital minerals and processing, in addition to battery manufacture, Commerce Secretary Sunil Barthwal said on Monday. According to him, talks are underway to turn the temporary free trade deal that both nations have signed into a complete agreement.

"We are looking at how we can integrate our (India and Australia) economies in terms of battery production, mineral production, mineral processing, and vehicle production," the secretary said here at a conference on the roadmap for vehicle electrification. He also stated that the government has taken a number of efforts to support domestic manufacturing of electric cars (EVs) and develop the ecosystem surrounding them, such as expanding charging facilities.

Australia has substantial reserves of critical minerals and is the largest producer of lithium and the second largest producer of cobalt globally. Critical minerals such as copper, lithium, nickel, cobalt and rare earth elements are essential in many of today's rapidly growing clean energy technologies - from wind turbines and electricity networks to electric vehicles. Demand for these minerals is proliferating with clean energy transitions gathering pace.

Barthwal added that, like Australia, India has signed a trade pact with the four-nation European bloc EFTA and Norway is a key member of that grouping. "Norway has done extremely well in the renewable energy sector...and we are collaborating with Norway. Similarly, we are collaborating with the European Union.

Talking about considerable opportunities in the EV sector in India, Barthwal said that the sale of EVs is increasing at a faster pace in the country and that requires a whole ecosystem not only EV manufacturing, but also battery making and charging ecosystem.

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India and Australia aim to enhance collaboration in critical minerals, processing

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