Aus, US cooperate on critical minerals and supply chain resilience

Port Kembla

Minister for Trade, Tourism, and Investment Dan Tehan and United States Secretary of Commerce Gina Raimondo are working together on key challenges including building more secure supply chains and facilitating a clean transition that supports Paris Agreement targets.

Tehan and Raimondo met on March 30 in Washington DC for the inaugural Australia-US Strategic Commercial Dialogue (AUSSCD) and discussed the energy transition and how it will depend in large part on securing a resilient and diversified supply of critical minerals – for use in everything from electric vehicle chargers and batteries to solar panels, wind turbines, and semiconductors.

The two countries are part of a cooperation on critical minerals, and are strengthening resilient and secure supply chains across the United States, Australia and the Indo-Pacific region.

The executive-level roundtable on critical minerals held on March 30 highlighted the commercial potential for both Australian and US industries and underscored the need to strengthen capabilities across all segments of the supply chain, including extraction and downstream processing.

The two countries will look at how their respective financing mechanisms could be better coordinated and leveraged to support private investment in supply chains.

The importance of developing shared approaches to ESG and traceability standards was highlighted, as well as working with other like-minded partners to build resilient supply chains.

Australia and the United States have a deep and long-standing trade and investment relationship, underpinned by the Australia-US Free Trade Agreement.

Australia is the ninth-largest source of foreign investment into the United States according to US government data, supporting $193 million in innovative research and development.

The United States is the top investor in Australia, and two-way goods and services trade averaged approximately $64 billion annually from 2017 to 2021.

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