- Indonesia is planning a free trade agreement with the U.S. to export critical minerals.
- The proposal is aimed at helping the companies that have electric vehicle supply chain operations to derive benefits from U.S. tax credits, reported Reuters.
- Under the new guidance of the Inflation Reduction Act (IRA), tax credits require some EV components to be produced in North America or by a free trade partner.
- The IRA rules aim to reduce U.S. dependence on countries like China to develop the EV battery supply chain.
- Indonesia has the world’s biggest nickel reserves, and the products are increasingly becoming important for EV battery makers.
- “We do not have an FTA with them. Now we’re proposing a limited FTA with them,” the report quoted Indonesian minister Luhut Pandjaitan.
- The FTA proposal will likely be similar to the one the U.S. has with Japan for critical mineral trade.
- Ford Motor Co (NYSE:F) had agreed with Indonesian mining company PT Vale Indonesia Tbk and Chinese mineral supplier Zhejiang Huayou Cobalt Co to partner in a $4.5 billion EV battery material plant.
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