Input Stories

The European Union and Australia signed a free trade deal this week, eliminating almost all tariffs and setting the stage for more EU imports of Australian critical minerals (Reuters, subscription).

The big picture: Following almost eight years of negotiations, “the agreement will remove more than 99% of tariffs on EU goods exports to Australia, saving ​companies 1 billion euros ($1.2 billion) a year. EU exports to Australia are expected to grow by up to 33% over the next decade.”

• “Australian Prime Minister Anthony Albanese said the ​deal would be worth about A$10 billion ($7 billion) annually to the Australian economy.”

Critical minerals: The agreement paves the way for EU imports of certain critical raw materials, including aluminum, lithium and manganese ( CNBC). The deal also includes incentives for European investments in Australian mining and refining ( Politico EU).

• Like the U.S., its allies are working to diversify their sources of critical minerals and related materials, as China controls most of the market.

NAM at work: The NAM is one of the leading voices urging U.S. policymakers to adopt a new strategy on critical minerals, publishing its own blueprint of a modern, comprehensive critical minerals strategy last week.

• The NAM provides its recommendations directly to policymakers, most recently sharing the strategy’s international policy solutions with the United States Trade Representative. These solutions are geared toward rebalancing global critical minerals supply chains with plurilateral partners.