Jaishankar Commits Critical Minerals Deal With Marco Rubio
The External Affairs Minister, S Jaishankar, convened individual discussions with US Treasury Secretary Scott Bessent and US Secretary of State Marco Rubio in Washington, DC, with the objective of enhancing the economic partnership between India and the US, reinforcing strategic cooperation, and establishing a formal agreement on the research, extraction, and refinement of essential minerals, according to reports.
During their rendezvous at the State Department, the External Affairs Minister (EAM) and the US Secretary of State expressed their appreciation for the trade agreement between India and the US, which was recently disclosed by US President Donald Trump and Indian Prime Minister Narendra Modi.
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This pact entails a reduction in tariffs on Indian products to 18 percent, as per the accord reached in discussions.
In the communication released by State Department Principal Deputy Spokesperson Tommy Pigott, it was highlighted that the two dignitaries affirmed their dedication to enhancing collaboration on both a bilateral and multilateral level through the Quad.
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Earlier, Jaishankar held a meeting with Bessent, during which both parties underscored the importance of enhancing economic relations and strategic collaboration. The External Affairs Minister later took to X to express his satisfaction with the meeting, stating: "It was a pleasure to engage with US Treasury Secretary Scott Bessent in Washington DC today. @SecScottBessent. Our conversation centered on the progress of the economic partnership and strategic cooperation between India and the United States."
The meetings are being held prior to the Critical Minerals Ministerial, which is set to take place on 4 February. During the event, opening remarks will be given by US Vice President J D Vance, Rubio, Special Assistant to the President of the United States and Senior Director for Global Supply Chains David Copley, and Under Secretary of State for Economic Affairs Jacob Helberg.
The primary goal of the ministerial is to promote the diversification of supply chains and enhance collaborative initiatives in the critical minerals sector.
The two individuals expressed their approval of the trade agreement negotiated by Trump and Modi.
Pigott further commented by highlighting the significance of collaboration between our democratic nations in order to facilitate new economic ventures and promote mutual energy security objectives. The individuals also confirmed their dedication to enhancing collaborative efforts on both bilateral and multilateral levels through the Quad, recognizing the importance of a thriving Indo-Pacific region in promoting mutual objectives.
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Prior to this, Trump engaged in a telephonic conversation with Modi and subsequently declared that both nations had come to an agreement on trade. Trump mentioned that the US would decrease its tariffs on India from 50 percent to 18 percent, while stating that New Delhi would reciprocate by diminishing tariffs and non-tariff barriers towards the US to zero.