(Investing) – U.S. Secretary of State Marco Rubio and European Union Trade Commissioner Maros Sefcovic signed a memorandum of understanding for a partnership on producing and securing critical minerals.
The U.S. has been working to gain access to critical mineral reserves, particularly rare earth supply chains currently dominated by Chinese players.
Rubio did not mention China in his remarks, but said the preliminary agreement with Brussels reflected growing awareness among Western allies of the importance of supply chains and critical minerals for their economic success.
“The over concentration of these resources, the fact that they’re dominated by one or two places, is an unacceptable risk. We need diversity in our supply chains,” he said before signing the memorandum.
The memorandum of understanding establishes a framework for cooperation between the U.S. and EU on critical mineral production and security.
