Report: The EU and US are close to reaching a key minerals agreement

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The European Union and the United States are close to reaching an agreement on coordinated cooperation in the critical minerals sector.

According to an "action plan" draft obtained by Bloomberg, the two sides intend to create competitive advantages for non-dominant market suppliers through incentive mechanisms such as setting a minimum price. At the same time, they are seeking to invite other “like-minded partners” to join a multilateral agreement, jointly building a critical minerals supply chain that covers almost all modern technology sectors.

This potential agreement will become a rare sign of easing in the recent tense relations between Europe and the US. Against the backdrop of intensifying trade frictions and bilateral tensions, cooperation in the minerals sector holds important symbolic significance.

Agreement Framework: Price Mechanism and Full-Chain Cooperation

According to the draft document obtained by Bloomberg, the EU and the US plan to sign a non-legally binding memorandum of understanding, with the scope of cooperation covering the entire value chain and full life-cycle management of key minerals, including exploration, mining, processing, refining, recycling, and reuse.

In terms of specific mechanisms, the two sides plan to coordinate on standard setting, investment cooperation, and joint projects, and establish response mechanisms in case of supply disruptions. The agreement may also cover joint public procurement, coordination of export restrictions, strategic reserves, and mineral resource mapping.

Currently, the above document is under review at the level of EU member states. According to reports citing sources familiar with the matter, the content of the draft may still change. Spokespersons for the US Trade Representative’s Office and the European Commission have not responded to requests for comment.

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