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(Bloomberg) — Brazil and India sealed a framework pact on critical minerals with the two countries agreeing to work closely on processing in a move aimed at securing rare earth supplies at a time of global disruption.
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“The critical minerals agreement will help shape a new and resilient supply chain,” Prime Minister Narendra Modi said after meeting President Luiz Inacio Lula da Silva in New Delhi on Saturday. Lula arrived on Wednesday for three-day visit.
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Brazil, home to the world’s second-largest reserves of rare earths, offers India a potential alternative source of supply as it seeks to reduce reliance on China and secure inputs critical for electronics, clean energy and defense. The deal comes soon after India joined the US-led Pax Silica initiative to build resilient supply chains in semiconductors, artificial intelligence, and critical minerals.
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Beijing’s grip on the supply of critical minerals required for high-end manufacturing and defense is a growing concern for countries around the world, especially developing economies such as India.
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Brazil and India are strengthening cooperation, in part to emerge as leading voices for the developing world and seek greater influence over the technologies and supply chains reshaping the global order. Modi visited Brazil in July, where the two agreed to work closely on defense, energy, food security, and to reduce “non-tariff barriers” to increase trade, according to a joint statement at the time of the visit.
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New Delhi and Brasilia sought closer ties after US President Donald Trump slapped both countries with 50% tariffs. Indian tariffs were subsequently lowered to 18% after it signed a trade deal earlier this month.
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Now, that agreement has potentially been upended by the US Supreme Court ruling Friday which struck down many of the levies President Donald Trump put in place last year. After the ruling, Trump imposed a 10% global tariff on foreign goods.
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India and Brazil want to move into processing of critical minerals rather than remain suppliers of raw materials. China currently dominates both extraction and processing, with countries including the US racing to secure alternative sources and partnerships.
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“Increasing investments and cooperation in matters of renewable energy and critical minerals is at the core of a pioneering agreement that we have signed today,” Lula said.
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