Australia eyes India’s EV market for lithium export
New Delhi, Apr 1 (KNN) Australia has expressed interest in being part of India’s journey in building an electric vehicles industry and expanding its lithium export to the country.
Don Farrell, Australia’s Minister for Trade and Tourism told the media that Australia would rather have a diversified market for its lithium exports –and this includes India –than they all be cornered by the United States.
Lithium is a critical metal necessary to make batteries for electric vehicles.
Farrell was speaking in the context of the U.S.’ Inflation Reduction Act (IRA), passed in August 2022, that grants major subsidies to electric vehicles produced in the United States.
The IRA has received major criticism from the European Union and South Korea on the grounds that it made electric vehicles imported into the U.S. from their regions uncompetitive.
It has also been labelled as the most protectionist in the world by Amitabh Kant, India’s G20 Sherpa.
However Australia hadn’t been critical of the IRA because it stood to gain from it, said Farrell.
One of the clauses of the Act required that at least 40 led cent of all the ‘critical minerals’ (which includes lithium) that go into making electric batteries must come from countries with a Free Trade Agreement with the United States.
“There are very few countries with both an FTA and the largest reserves and we are one of them. So we see great opportunity for Australia. What we don’t want to see is all of those critical minerals gathered up and headed to the United States,” said Farrell.
Just as the United States and Europe, he said Australia was looking to diversify away from a single market and this opened opportunities for India.
“We give you the opportunity of investing in our country. India is building an electric vehicles industry and Australia would like to be part of it,” he reckoned. (KNN Bureau)
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