The EU signs an agreement with Chile to obtain lithium and copper in exchange for boosting its industry

BRUSSELS, 18 Jul. (EUROPEAN PRESS) -

The European Union and Chile signed an agreement in Brussels on Tuesday to obtain critical raw materials such as lithium and copper, which make up vehicle and battery components, and promote, in exchange, the industry and value chains of this sector, in addition to creating quality employment in the country.

The memorandum of understanding was signed by the European Commissioner for the Internal Market and Services, Thierry Breton, and the Minister of Foreign Affairs of Chile, Alberto van Klaveren Stork, in the presence of the President of the European Commission, Ursula von der Leyen, and of the President of Chile, Gabriel Boric, in the framework of the summit between the EU and the countries of Latin America and the Caribbean, a meeting that has not been held for eight years and that has promoted the Spanish presidency of the Council.

The agreement, which is part of the EU's Global Gateway investment strategy and the Critical Raw Materials Act, aims to deepen cooperation in the field of sustainable raw material value chains that are necessary for clean energy and the digital transition of both partners.

It also seeks to develop a competitive and sustainable industry for the processing of raw materials and local added value in the mining sector, in addition to creating quality employment and sustainable and inclusive economic growth, for the mutual benefit of both parties.

Specifically, this new association focuses on areas such as the integration of sustainable raw material value chains; research and innovation; cooperation to take advantage of environmental, social and governance criteria; the deployment of infrastructure for the development of projects and the strengthening of capacities, education and professional training.

In this way, the EU will benefit from a strengthening of relations with regard to obtaining strategic critical raw materials for the ecological transition that will help diversify its sources to escape dependence on third parties such as China, while Chile receives European investments to give a boost to its economy.