KSA inks multiple bilateral mining + mineral MoUs, including with UK: The Saudi Industry and Mineral Resources Ministry signed six mining and critical minerals bilateral cooperation MoUs with Djibouti, the UK, Jordan, Austria, Zambia, and France, the Saudi Gazette reported on Tuesday. Details on the cooperation ventures — signed during the Future Minerals Forum in Riyadh — were not disclosed.

The UK hopes cooperation with KSA would strengthen the island nation’s critical minerals supply chains, which are essential for its tech and clean energy sectors, Reuters reported on Tuesday, citing the British Government.

The rationale: The UK is racing to secure long-term access to critical minerals like copper, lithium, and nickel — key materials for EVs, data centers, and other tech. “The quantity of critical minerals we’re going to need in the future is significantly bigger than we have today,” UK Industry Minister Sarah Jones told ArabNews last week. Saudi Arabia, meanwhile, is looking to leverage its estimated USD 2.5 tn untapped mineral resources to establish itself as a global hub for critical minerals trade.

IN OTHER TRADE DIPLOMACY NEWS-

#1- Iran + Russia ink trade agreement: Iran has signed a 20-year strategic partnership with Russia to boost bilateral trade and enhance cooperation in the energy sector, tech, and transport, the BBC reported on Friday.

Bolstering ties: Iran’s exports to Russia were up 14% y-o-y to USD 803 mn in the first 9M 2024, while imports from Russia totaled USD 1.099 bn during the same period, Tehran Times reported last week.

#2- Saudi Arabia and Singapore have inked an MoU to bolster trade, investment, and defense ties, according to a statement released last week. Under the agreement, first announced in 2023, the two sides will establish the Saudi-Singapore Strategic Partnership Council, which would host regular meetings to determine avenues for growing their cooperation. The total trade value between the two countries reached USD 10.6 bn in 2023.

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