Resilient supply chains and closer cooperation on diamonds and precious metals announced.
At their summit in New Delhi, the BRICS countries* agreed on a joint declaration that calls, among other things, for diversified and more resilient supply chains for critical minerals. Resource-rich countries should benefit more from value addition and economic diversification. At the same time, the declaration explicitly emphasizes countries’ sovereignty over their mineral resources and their right to adopt measures in pursuit of legitimate public policy objectives. Critical minerals are also highlighted as essential for low-emission energy technologies, energy security, and resilient energy supply chains.
In his closing remarks, Indian Prime Minister Narendra Modi warned that the use of technology and critical minerals as political or economic leverage could hinder shared progress. He did not explicitly name China. Last year, however, Chinese export restrictions on rare earths and permanent magnets affected India’s automotive industry and intensified the country’s efforts to build more resilient supply chains.
Closer Cooperation on Diamonds and Precious Metals
The BRICS declaration also addresses trade in diamonds and precious metals and explores ways to promote such trade within the bloc and on the global market. To this end, cooperation with African diamond-producing countries is to be strengthened, while the Kimberley Process aimed at preventing the trade in conflict diamonds is set to continue playing a central role.
* Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, the United Arab Emirates, Saudi Arabia, and Indonesia
Photo: via Canva, Montage rawmaterials.net
