Jaishankar Backs Structured Global Cooperation on Critical Minerals During U.S. Visit

Washington: External Affairs Minister Dr. S. Jaishankar on Wednesday said India supports structured international cooperation to reduce risks in critical mineral supply chains, highlighting growing global concern over excessive concentration and fragility in the sector.

Addressing the Critical Minerals Ministerial in Washington, Jaishankar warned that overdependence on limited geographies for essential resources poses strategic and economic risks. He emphasized that coordinated action among countries is necessary to build resilient, diversified, and transparent supply chains.

The minister outlined India’s domestic initiatives aimed at strengthening mineral security, including the National Critical Minerals Mission, development of rare earth corridors, and policies promoting responsible commerce. He also reiterated India’s support for the proposed “FORGE” initiative focused on collaboration in the critical minerals ecosystem.

Jaishankar’s remarks came as the United States urged partner nations to move toward a coordinated trading framework in critical minerals. U.S. Vice President J.D. Vance, speaking at the same forum, said modern economies still depend heavily on “real things,” stressing that critical minerals are as vital as oil and gas.

He cautioned that current supply chains are fragile and overly concentrated, making them vulnerable to geopolitical and market shocks. According to Vance, price volatility and market distortions have discouraged long-term investment, citing instances where sudden supply surges collapsed prices and stalled mining and processing projects.

Vance noted that countries participating in the meeting together represent nearly two-thirds of global GDP and have the collective capacity to reshape how the market functions. “We are all on the same team,” he said.

The U.S. vice president proposed creating a preferential trade zone among allied and partner countries for critical minerals. The zone, he said, would be insulated from external disruptions and anchored by reference pricing across production stages. These benchmark prices would act as minimum safeguards, enforced through adjustable tariffs to prevent dumping that harms domestic producers.

The initiative aims to stabilize prices, encourage private investment, and enable long-term industrial planning while ensuring emergency access to critical minerals, Vance added.

The discussions reflect intensifying global efforts to secure supply chains for materials essential to clean energy, advanced manufacturing, and defense technologies — a priority area where India is positioning itself as a key strategic partner.