Kolkata/IBNS: Australia is India’s natural partner in achieving its economic and clean energy goals as a supplier of critical minerals, said Catherine Gallagher, Australia’s Trade Minister for South Asia.
“India has the fastest growing ambitious middle class in the world; an ambitious nation-building agenda and plans to become a global center of high-tech manufacturing,” Gallagher, who also serves as head of Australia-South Asia, said Wednesday at IMME and the Global Mining Summit.
As of August 3, 2022, a total of 13,92,265 electric vehicles (EVs), according to government data, and there is a growing focus on faster adoption of electric mobility.
India depends on imports of essential metals and minerals like copper, lithium, cobalt and rare earth elements (REE) needed to manufacture electric vehicles.
In terms of critical minerals, Australia is the world’s largest lithium producer with the 3rd largest lithium reserves in the world.
“We are the 2nd largest producer of rare earth elements or REE with many untapped deposits. Australia also has significant resources of cobalt, manganese, titanium, tungsten and zygonium,” she noted.
Gallagher said Australia can be India’s secure supply of battery minerals and technology for e-mobility, adding that Australia’s future CRC battery industries are already working with India Energy Storage Alliance to develop advanced materials for the manufacture of batteries in India.
Noting that India is investing heavily in renewable energy, Gallagher said his country could provide hydrogen and related technologies.
Affirming that a strong relationship has mutual value as the two countries work hand in hand to build a sustainable future, she said the cooperation between the two countries has been further strengthened with the comprehensive strategic partnership signed by the Australia and India in June 2020. , the Critical and Strategic Minerals Memorandum of Understanding and the Australia-India Economic and Trade Cooperation Agreement, better known as AIECTA, was signed earlier in 2022.
“The dynamic between our two countries in the resource sector is already well developed. Unsurprisingly, our bilateral relationship is also very strong and is only getting stronger and stronger,” she said.
In the resource sector, ECTA benefits will include the elimination of tariffs on coal, alumina, metal ores including manganese, copper and nickel, and critical minerals including titanium. , etc.
Tariffs on LNG will also drop to zero percent upon entry into force, which we hope will be later this year, she added.
Gallagher further highlighted how Australia and India are partnering under the Quadrilateral Security Dialogue or QUAD, which is seen as a response to China’s growing economic and military might.
As China dominates critical metals and minerals as well as the RRE supply chain, Australia’s role is important to India’s progress in clean energy and other strategic industries such as defense and construction. ‘aviation.
“In addition to the partnership of the two nations, the QUAD responds to the region’s most pressing challenges, including climate change, including climate change and the need for emerging technologies,” she said, adding that the future of the two countries is linked and that Australia and India’s growth strategy is complementary.
Just last month, 14 representatives of Australia’s key mineral ecosystem visited India under the auspices of his agency, Gallagher said.
At the ongoing IMME event, 78 delegates from 41 Australian metals and mining companies are participating this year.