Brazil, home to the world’s second-largest reserves of rare earth minerals, signs a major trade deal with Asian giant, India, as global powers reach for access to the critical goods amid a competitive race for tech dominance.
The agreement aims to enhance cooperation between the two countries while establishing a framework that focuses on reciprocal investment, exploration, mining, including cooperation on developing artificial intelligence.
The critical goods are part of a global race to power the most widely used devices like smartphones, computers, vehicles, refrigerators, washing machines, and jet engines.
India seeks to limit its dependence on its Asian neighbor, China, with whom it has had tense relations in recent years.
President Lula of Brazil arrived in New Delhi last week for a three-day summit, which was also dedicated to pursuing cooperation in entrepreneurship initiatives and expanding opportunities for advancing health and scientific research projects between the two nations.
Lula encapsulated the minerals agreement when speaking to reporters in India:
“Increasing investments and cooperation in matters of renewable energy and critical minerals is at the core of a pioneering agreement that we have signed today.”
