India and US Sign MoU on Critical Minerals
Piyush Goyal Highlights New Collaborations
Union Minister of Commerce and Industry, Piyush Goyal, announced that India and the US have signed a Memorandum of Understanding (MoU) on critical minerals. This agreement aims to keep supply chains open and foster collaboration between India’s Ministry of Mines and the US government.
During a press address, Goyal emphasized the focus on creating resilient semiconductor supply chains. He mentioned that this was the sixth commercial dialogue, building on last year’s progress. The discussions also covered sustainability, clean energy, and exploring new areas of cooperation like tourism.
Goyal noted that both countries are working to expand their engagement beyond bilateral ties to include other parts of the world. The ‘innovation handshake’ signed a year ago has progressed, with a technology and sustainability summit planned for next year. Discussions are ongoing with the US to collaborate with third countries on joint projects, particularly in critical minerals.
Additionally, the 9th CEO Forum was held, focusing on enhancing business collaboration in technology and investment. Areas such as space, aviation, research and development, health, and clean energy were highlighted as sectors of mutual interest, benefiting both nations and humanity.
Doubts Revealed
MoU -: MoU stands for Memorandum of Understanding. It is an agreement between two or more parties, in this case, India and the US, to work together on certain topics.
Critical Minerals -: Critical minerals are important natural resources used in making things like electronics and batteries. They are essential for modern technology and clean energy solutions.
Piyush Goyal -: Piyush Goyal is an Indian politician and the Union Minister of Commerce and Industry. He is responsible for trade and industry-related matters in India.
Semiconductor Supply Chains -: Semiconductors are tiny parts used in electronic devices like computers and phones. A supply chain is the process of making and delivering these parts to where they are needed.
Sustainability -: Sustainability means using resources in a way that does not harm the environment and can be maintained for the future. It involves practices that help protect our planet.
Clean Energy -: Clean energy is energy that comes from sources that do not pollute the environment, like solar or wind power. It is important for reducing pollution and fighting climate change.
CEO Forum -: A CEO Forum is a meeting where Chief Executive Officers (CEOs) of companies come together to discuss business opportunities and collaborations.
