Australia and the European Union have actually signed an important minerals trade arrangement to attempt and hinder China’s monopolisation of the vital minerals supply chain.
The arrangement was signed today (28 May, 2024) with 6 months of “concrete action” assured by Australian and European political leaders, consisting of strategies to make the mining of vital minerals more sustainable.
SIGNED 🇪🇺🤝🇦🇺! The EU and Australia have signed a new partnership in critical raw materials.
🌏This MoU is a leap forward in securing more sustainable critical raw materials for the 🇪🇺, while boosting investment in Australia.
More 👉 https://t.co/LjgV4R3St6 pic.twitter.com/jfqxTPbIAd
— Valdis Dombrovskis (@VDombrovskis) May 28, 2024
Thierry Breton, the EU Commissioner for Internal Market, mentioned that the arrangement would combine the EU and Australia’s vital mineral market.
“[The agreement] will improve cooperation, financial investments, and organizations chances. We go for more sustainable and accountable production and genuine commercial combination of worth chains in between the EU and Australia, supporting competitiveness,” he commented.
Looking ahead, Breton mentioned that the EU now required to deal with federal governments and the economic sector to develop financial investment chances.
In its 2024 thematic intelligence report on supply chain disturbances, research study and analysis business GlobalData reported that international supply chain disturbances were ending up being more regular and serious.