The United States and Mongolia signed a memorandum of understanding yesterday to jointly advance security and resilient critical mineral supply chains in the Indo-Pacific.
Washington is looking for new sources of critical minerals as it attempts to pivot away from dependency on China.
The MOU includes a framework for Mongolia and the United States to work together on technical areas of support to further Mongolia’s efforts to develop capacity to encourage investment in its mineral resource sector, which is vital to the global clean energy transition.
As strategic partners, the United States and Mongolia have mutual interest in strengthening our economies and making them more resilient, according to the State Department. Critical minerals and rare earth elements play an increasingly important role in our economies and developing these resources will help strengthen both countries’ economies.
The United States stands ready to explore opportunities to help develop this sector in Mongolia, including by encouraging private sector investment, State said. This MOU further reflects the United States’ broader goal of advancing high environmental, social, and governance standards in the global
Comments
No comments on this item Please log in to comment by clicking here