The agreement stipulates that in the next six months, both sides will cooperate to take actions to strengthen collaboration in critical mineral projects, including establishing joint ventures and conducting cooperative research and innovation. "Australia is a friendly partner and one of the global leaders in critical minerals," said Valdis Dombrovskis, EU Trade Commissioner, in a statement. "This cooperation is an important measure for us to ensure the sustainable supply of critical raw materials in the EU, while also expanding Australian investment." In recent years, the United States and its allies have been looking for alternative sources of lithium, cobalt, and nickel, which are important raw materials for manufacturing computer chips, solar panels, and military equipment. Similarly, the EU is also very concerned about the secure supply of critical raw materials. Australia has a large amount of untapped critical mineral resources and has been seeking to develop domestic processing industries through financing and tax incentives, including new measures announced in the May budget.

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