A memorandum of understanding between Australia and the European Union will see the two collaborate on the future supply of sustainable critical minerals.
The federal government says the new agreement between Australia and the EU will promote investment and collaboration on R&D along the raw materials value chains.
It will also see a shared commitment to building resilient and sustainable supply chains, vital for Australia and the EU becoming net zero economies by 2050.
The new partnership will encourage collaboration on environmental, social and governance (ESG) standards.
As part of the agreement, each will work together on matters to help recognise these market opportunities and promote sustainable and secure production of critical minerals.
The EU’s new Critical Raw Materials Act is now in force, which will also create new opportunities for Australian producers.
Officials from both parties signed the MoU, which follows talks between ministers from both regions in Brussels in September 2023.
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