A potential trade agreement with the US for Australia’s natural resources would create significant economic benefits for our economy.
Australia is the second largest owner and producer of rare earths and critical minerals in the world yet many of our resources remain untapped. These elements are used in everything from mobile phones, lithium batteries, computers to wind turbines and defence industry technology.
The Australian Government is being pressed by the biggest resources industry chiefs to flesh out a solid action plan that will help boost sales of these in-demand minerals.
Although China are currently the top suppliers for most of the world’s critical minerals and rare earth elements, the US is eager to build a stronger trade relationship and buy more from Australia as we are deemed one of their closest allies.
“The US-Australian Critical Minerals Action Plan has the potential to create new jobs across the country, especially in Western Australia which has rich deposits of rare earths and critical minerals” said Tania Constable, Chief Executive of the Minerals Council.
This trade deal, if backed by the government, has the potential to create over 6,000 jobs in the next 5 years, with 4,000 of those being based in WA. This alone equates to 40% of local mining production jobs, which only further highlights how critical it is for our Government to nurture these developing resource sectors.
Securing a pipeline of investment with the US, one of our largest trading partners, will offer a much needed injection with positive on flowing effects into not only WA’s, but the Australian economy.
This is a summary of the article ‘WA Raring to go’ by Lanai Scarr | The West Australian | Federal Politics | October 1st, 2019