The European Union has kicked off the process of choosing between eight bidders that supply its 9-million-euro joint purchasing platform for critical minerals and energ
y, Reuters has reported. The bloc mooted the idea of pooling together buying orders in a bid to achieve more favorable deals and prices for critical minerals shortly after Russia invaded Ukraine in 2022. The EU aims to finalize a contract by the end of the year, following which it will develop sections of the platform for individual products early next year. It’s not yet clear whether the United States will join the newly carved platform.
This fresh drive builds on existing EU initiatives, including the European Battery Alliance and the Critical Raw Materials Act, both of which aim to onshore and secure supply chains. These initiatives marked the emergence of a “joint industrial policy” whereby the G7 states coordinate their industrial strategies at the international level and build supply chains collaboratively.
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