BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - US Trade Representative Jamieson Greer has announced the enactment of the U.S.-Mexico Action Plan on Critical Minerals, and plans to develop Action Plans for critical minerals supply chain resilience with the European Uniion and Japan.
Under a first-of-its-kind Action Plan, the United States and Mexico will work to develop coordinated trade policies and mechanisms that mitigate critical mineral supply chain vulnerabilities. This work will include identifying specific critical minerals of interest, exploring border-adjusted price floors for critical minerals imports, and consulting on how price floors may be incorporated in a binding plurilateral agreement on trade in critical minerals.
'Today's announcement demonstrates the United States and Mexico's shared commitment to address global market distortions that have left North American critical minerals supply chains vulnerable to disruptions,' said Ambassador Greer. 'As we approach the USMCA Joint Review, this Action Plan is an important step to strengthen bilateral cooperation and increase supply chain resilience with like-minded partners. I thank Mexican Secretary of Economy Marcelo Ebrard for his leadership and commitment to enhancing collaboration on critical minerals to further deepen our strategic partnership.'
Under the agreed Action Plans, the United States, the European Commission, and Japan will develop coordinated trade policies and mechanisms, such as border-adjusted price floors, that can mitigate critical mineral supply chain vulnerabilities.
'Today's announcement is an important signal that the world's largest market-oriented economies are committed to developing a new paradigm for preferential trade in critical minerals,' said Greer. 'Through the development of these Action Plans, we will lay the groundwork for a binding plurilateral agreement on trade in critical minerals with like-minded partners. I look forward to close engagement with EU Trade Commissioner Maroš Šefcovic and Japanese counterparts to stand up these Action Plans quickly.'
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