India and five Central Asian countries have expressed interest in joint exploration of rare earths and critical minerals, they said in a joint statement on Friday after the fourth meeting of the India-Central Asia Dialogue, held in New Delhi.
The announcement comes amid global alarm over China's decision to curb exports of rare earth alloys, mixtures and magnets, spooking industries ranging from automobiles and clean energy to defence.
India and the Central Asian countries - Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan - also called upon "relevant authorities" for an early meeting of the India-Central Asia Rare Earth Forum, which last met in September.
"The ministers also encouraged exchange of delegations to explore new areas of cooperation in critical minerals," the statement said, adding the sides had agreed to hold their next meeting in 2026.
Rare earths are a group of 17 elements whose most key uses include the creation of magnets that power motion for cars, cellphones, missiles, and other electronics.
China mines about 60 per cent of the world's rare earths and makes 90 per cent of rare earth magnets, but announced export restrictions on these in April as part of its sweeping response to U.S. President Donald Trump's tariffs.
India is holding talks with companies to establish long-term stockpiles of rare earth magnets by offering fiscal incentives for domestic production, as it looks to reduce dependence on shipments from China, Reuters had reported on Thursday.
The South Asian nation also plans to launch incentives for recycling 24 critical minerals - a plan that is in the final stages of approval - as it looks to secure the minerals needed for a green energy transition.