The memorandum of understanding (MOU) between Australia and the European Union will see the two collaborate on the future supply of sustainable critical minerals.
The new agreement between Australia and the EU will promote investment and collaboration in research and development along raw materials value chains. The MoU will also see a shared commitment to building resilient and sustainable supply chains, vital for Australia and the EU to become net zero economies by 2050.
As part of the agreement, Australia and the EU will work together on environmental, social and governance (ESG) standards. Australian products, with their high ESG standards, are ideal for supplying the EU market. The new partnership will foster collaboration on ESG issues to help recognize these market opportunities and promote sustainable and safe production of critical minerals.
The new EU Critical Raw Materials Law is now in place, which will also create new opportunities for Australian producers.
Officials from both sides signed the MOU, including:
- Senator the Honorable Minister Don Farrell, Special Minister of State and Minister of Commerce and Tourism
- Hon Madeleine King, Minister for Resources and Minister for Northern Australia
- Thierry Breton, EU Internal Market Commissioner
- Valdis Dombrovskis, Executive Vice President and EU Trade Commissioner.
Witnesses were also present at the signing, including:
- EU Ambassador to Australia, Gabriele Visentin.
- Australian Ambassador to the EU, NATO, Belgium and Luxembourg, Caroline Millar
The signing follows talks between Minister King and Commissioner Breton in Brussels last September.
