Several nations are pressing the Biden administration to tackle critical minerals in the Indo-Pacific Economic Framework as a way to meet the tax credit requirements.
The Philippines, Malaysia and Indonesia are among the countries calling on U.S. trade officials to broker a critical minerals pact as part of ongoing negotiations over the Indo-Pacific Economic Framework, a trade initiative that the Biden administration launched last year with 13 other countries.
The campaign by the Southeast Asian nations could complicate the Biden administration’s efforts to deepen economic ties in the Indo-Pacific, a critical region in the U.S. effort to counterbalance China, economically and politically. U.S. trade officials are already hustling to complete IPEF negotiations by November, and crafting a critical minerals pact would add to the list of thorny topics, such as labor standards and digital trade, still to be resolved.
The Biden administration has already signed a critical minerals agreement with Japan and is locked in negotiations over another with the European Union. Democrats and Republicans on Capitol Hill have criticized the administration for its critical minerals agreement with Japan, with some lawmakers insisting that the administration is deliberately misinterpreting the stipulations in the Inflation Reduction Act and undermining their authority over trade agreements.
Asked if it would include critical minerals, Raimondo said “there have not been any specific discussions about that.” She continued, “And as you know, Treasury is leading on implementation here of the tax credits within IRA, so I think I’ll just leave it at that for now.”
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