India and UAE Collaborate on Critical Minerals Supply Chain
India and the UAE have signed a memorandum of understanding (MoU) to strengthen their critical mineral supply chains. The agreement was inked during the visit of Abu Dhabi Crown Prince Sheikh Khalid bin Mohamed bin Zayed Al Nahyan to India. The UAE's International Resources Holding partnered with an Indian consortium comprising Oil India (OIL), Khanij Bidesh India, and Oil and Natural Gas Corporation (ONGC).
The MoU facilitates cooperation in critical mineral exploration in third countries and aims to boost the resilience of supply chains essential for powering the digital economy. Critical minerals play a key role in advanced technologies, including electronics, renewable energy, and electric vehicles.
According to a statement by OIL, the collaboration will focus on project identification, joint due diligence, risk management strategies, and establishing a long-term offtake strategy to secure a stable supply of critical energy minerals.
In addition to the MoU, work has commenced on the India-UAE virtual trade corridor and the Master Application for International Trade and Regulatory Interface (MAITRI). These efforts are part of the broader framework of the India-Middle East-Europe Economic Corridor (IMEEC), further enhancing trade ties between the two nations.
