Jaishankar Backs Coordinated Minerals Bloc At US Meet

WASHINGTON, DC-External Affairs Minister Dr S. Jaishankar on February 4 said that India supports structured international cooperation to reduce risks in critical mineral supply chains, as the United States urged allies to work towards a coordinated trading framework.

Addressing the Critical Minerals Ministerial here, Jaishankar flagged the risks created by excessive concentration in global supply chains. He stressed the need to de-risk those chains through coordinated and structured cooperation among countries.

His remarks came as Vice President J.D. Vance invited allies and partners to work together to reshape the global critical minerals market. Vance said modern economies still depended on “real things” and that critical minerals were as essential as oil and gas. He warned that supply chains had become brittle and highly concentrated.

He told delegates that countries represented at the meeting together accounted for close to two-thirds of global GDP. Acting together, he said, they had the power to change how the market works. “We’re all on the same team,” Vance said.

“We want members to form a trading bloc among allies and partners,” he added.

Secretary of State Marco Rubio followed with opening remarks and said the issue was central to national security.

He also referred to the Pax Silica Summit held in December, which launched a partnership focused on building a resilient silicon supply chain.

Rubio warned that technologies such as artificial intelligence would not advance without reopening mines and rebuilding factories.

He drew a parallel to the Washington Energy Conference held about 50 years ago, which led to the creation of the International Energy Agency after oil became a tool of political pressure.

“This is not solely an American initiative,” Rubio said. “This must be an international global initiative with like-minded countries.” (IANS)