The United States and Thailand have signed a non-binding memorandum of understanding aimed at strengthening global critical minerals supply chains and boosting investment in the sector.
The White House disclosed details of the agreement, which seeks to enhance cooperation in the exploration, extraction, processing, and recycling of critical minerals. These resources are vital for advanced technologies and economic security.
Crucially, the memorandum is not legally binding under international law and does not entail any financial obligations for either nation. Either party can terminate the cooperation at any time by providing written notice through diplomatic channels.
The primary objective is to foster a more secure, resilient, and responsible global supply chain for critical and rare earth minerals. This includes supporting Thailand’s domestic processing industries and reducing its reliance on exporting raw materials.
Both countries intend to promote private sector collaboration, encouraging investment that adds value within Thailand and elsewhere. The agreement emphasizes adherence to the highest international standards in mineral extraction and processing.
Cooperation mechanisms outlined in the memorandum include regular meetings between officials, joint geological research, seminars, and workshops. There will also be exchanges of technical expertise and best practices to bolster Thailand’s critical mineral sector competitiveness.
The parties also aim to share information on potential investment projects and bids as early as possible. This is intended to give companies ample time to consider participation.
Furthermore, the agreement calls for coordination to protect domestic critical and rare earth mineral markets based on free market policies and fair trade principles. This may involve establishing high-standard markets and potentially setting minimum price frameworks.
The memorandum came into effect upon signing. Its termination would not affect activities already initiated under the framework.