Australia said today that India has now become a major investor in critical minerals used in the production of mobile phones, flat screen monitors, wind turbines, electric cars and solar panels.
The Australia-India Economic Cooperation and Trade Agreement (AI ECTA) signed on Saturday will assist in realising the potential of the Australia-India economic relationship and provide certainty in the supply of high quality and competitively priced critical minerals essential.
Under the agreement, tariffs will be eliminated on entry into force for coal, alumina, metallic ores, including manganese, copper and nickel; and critical minerals including titanium, lithium, cobalt, tungsten and zirconium.
As a priority strategic partner in the Indo-Pacific, and Australia's fifth largest energy and resources market, India is a major investor in Australian resources with significant (and growing) demand for critical minerals products and other resources.
"Australia is the logical choice to meet India's growing demand for mineral resources and we are also well-placed to meet India's growing demand for mining equipment, technology and services and have a competitive edge in mining consultancy; exploration technologies; mining software; processing components and systems; environmental and mineral quality technologies and safety equipment; and mining education and skills," said Dan Tehan, Australia's Minister for Trade, Tourism and Investment.
(Map courtesy: Government of Western Australia Department of Mines, Industry Regulation and Safety)
The minister highlighted that the trade deal would build on existing partnerships and investment streams that already existed between Australia and India in critical minerals.
"Our government is working to secure Australia as a reliable, safe producer of critical minerals to meet growing global demand, this will support jobs and businesses in Australia and also guarantee robust supply chains for our trading partners," Tehan added.
Australia's Minister for Resources and Water, Keith Pitt said the agreement is further good news for the country's resources sector and will build on our international reputation as a reliable and leading supplier.
"India has become a significant market for Australian resources exporters, particularly through the Covid pandemic, and this agreement will take our relationship to a new level," Pitt said.
"The FTA will strengthen ties in traditional resources with the Bravus Mine in Queensland about to begin its first coal exports to India, which is seeking to ensure its long-term energy security," he stated further.
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