The US, Japan, Australia and India have unveiled a $20 billion framework to strengthen critical minerals supplies as Washington continues to seek ways to loosen China's stronghold.
The four Quad partners said they intend to raise up to $20 billion in public and private sector support to boost critical minerals supply chains that includes mining, processing and recycling by identifying projects in member countries.
"Through the Quad Critical Minerals Initiative, Quad partners intend to work together to use economic policy tools and co-ordinated investment to accelerate the development of diversified and fair critical mineral markets. and support the supply of critical minerals that are crucial to our region’s economic growth and security," the members said in a statement.
Monday's announcement followed US Secretary of State Marco Rubio's visit to India, where he and Quad foreign ministers also announced initiatives to strengthen maritime and transnational security, emerging technology and humanitarian assistance.
Under the critical minerals agreement, the Quad partners said they would support strategic projects through export credit agencies, private capital, development financial institutions, and explore new ways to raise private capital in the critical minerals space.
Critical minerals are used to produce advanced technology, defence systems, electric vehicles and other technologies in the clean energy transition.
India-US framework
The US and India also signed a bilateral critical minerals framework to reduce vulnerability to single-source monopolies. The agreement builds on the Forum on Resource Geostrategic Engagement (Forge) initiative established in February, which is aimed at protecting against predatory pricing.
The framework is part of a broader push by President Donald Trump's administration to reduce US dependency on China, which accounts for 90 per cent of global rare earth minerals processing.
Mr Trump has made shoring up critical minerals a key part of his "energy dominance" agenda, which he says is central to US national security.
India signed on to a separate pact, known as Pax Silica, in February, which is aimed at bolstering AI-related supplies. India was the tenth signatory in the pact, joining the UAE and Qatar.
The Trump administration this year also unveiled a public-private partnership through the Export-Import Bank. Project Vault is expected to establish a critical minerals stockpile similar to the strategic petroleum reserve and includes $10 billion in seed money from the Exim Bank.
The US government says it has supported projects with more than $30 billion that include letters of interest, investments, loans and other support.
"These co-ordinated efforts span domestic and international projects, strengthening US national security and economic competitiveness," the US embassy to India said in a statement.
