The memorandum of understanding (MOU) between Australia and the European Union will see the 2 collaborate on the future supply of sustainable critical minerals.
The new agreement between Australia and the EU will promote investment and collaboration on research and development along the 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 becoming 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 to supply the EU market. The new partnership will encourage collaboration on ESG 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, including:
- Senator the Hon Minister Don Farrell, Special Minister of State and Minister for Trade and Tourism
- The Hon Madeleine King, MP Minister for Resources and Minister for Northern Australia
- EU Commissioner for the Internal Market, Thierry Breton
- EU Executive Vice President and Commissioner for Trade, Valdis Dombrovskis.
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.