A security guard walks near EU and U.S. flags, before the EU-US summit, in Brussels, Belgium June 15, 2021. (REUTERS/Yves Herman)
WASHINGTON, April 23 (Reuters) - The United States and the European Union will sign a memorandum of understanding on Friday for a partnership on critical minerals, the State Department said late on Thursday.
U.S. Secretary of State Marco Rubio and EU Trade Commissioner Maros Sefcovic will meet on Friday and take part in the signing ceremony, the department added.
The U.S. has been scrambling to get access to critical mineral reserves, especially rare earth supply chains currently dominated by Chinese players.
Sefcovic said in late March he held a "very positive" meeting with U.S. Trade Representative Jamieson Greer in which they discussed critical minerals and tariffs.
Washington has urged its allies to pay more for critical minerals ;sourced from outside China. Greer has previously said that there needs to be some kind of price mechanism on rare earth minerals.
Bloomberg reported earlier this month that the EU and Washington were closing in on an agreement to coordinate ;on producing and securing critical minerals. The potential deal would include incentives such as minimum price guarantees that could favor non‑Chinese suppliers.
The U.S. is the EU's largest trading partner, with EU exports to the U.S. reaching a record 555 billion euros ($648.52 billion) in 2025.
($1 = 0.8558 euros)
(Reporting by Kanishka Singh in WashingtonEditing by Shri Navaratnam)
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