India-Australia cooperation on trade in critical minerals

In 2019, the Australian government released the ‘Critical Minerals Strategy’ which wanted to position the country as a “world powerhouse” in critical minerals. In June 2020, Australian Prime Minister Scott Morrison and Indian Prime Minister Narendra Modi agreed to upgrade their countries’ bilateral relationship to a comprehensive strategic partnership. Both countries have signed a memorandum of understanding (MoU) that will explore opportunities to increase trade, investment and research and development in critical minerals. The MoU identifies specific areas that include information-sharing between the two countries; connecting research institutions and universities; and collaborating on actions to support stable, secure and resilient supply chains for critical and strategic minerals. In November 2020, the first India-Australia Critical and Strategic Minerals Joint Working Group meeting agreed on actions to be delivered in the specified areas of the signed MoU. This joint working group is a significant step in implementing the MoU on critical minerals between the countries. This paper explores India’s need for critical minerals in the new energy economy and Australia’s strength in the critical minerals sector. It also offers key suggestions on ways in which India and Australia can enable this partnership.

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