Mexico and the United States agreed on Wednesday to work on a joint Action Plan on critical minerals with the aim of ensuring access to essential inputs for key industrial sectors within two months. This cooperation is framed with “respect” for the Mexican Constitution and the sovereignty of both countries, reported the Secretary of Economy, Marcelo Ebrard.
“We want to secure the supply of important minerals to our industry. The objective is to ensure the mutual resilience of supply chains,” stated the Ministry of Economy in its press release.
In turn, Greer announced the launch of this “first plan of its kind,” through which both countries will seek to coordinate policies and commercial mechanisms to reduce vulnerabilities in the supply chains of critical minerals, including the identification of specific minerals of interest.
The Action Plan, also detailed in a technical document, establishes that over the next 60 days, participants will discuss the feasibility of tools such as price floors for critical mineral imports, initially focused on a select set of minerals yet to be determined.
It also contemplates consultations on how these price floors could be integrated into a binding plurilateral agreement on critical mineral trade, in addition to other provisions to ensure the resilience of supply chains.
In this regard, the plan proposes technical and regulatory cooperation, standards for mining and processing, promotion and review of investments, coordination of geological mapping, rapid responses to disruptions, research and technological development, and coordinated stockpiling.
The plan also foresees identifying mining, processing, and manufacturing projects of mutual interest in the United States, Mexico, or third countries that meet international standards for responsible corporate conduct, and prioritizing financing and public policy support for such initiatives.
The development of the plan will be led by the Office of the United States Trade Representative (USTR) and the Ministry of Economy of Mexico.
“All cooperation work will be carried out within the framework of our sovereignty and with respect for our Constitution,” Ebrard emphasized.
