The agreement was signed by US Secretary of State Marco Rubio and Italian Foreign Minister Antonio Tajani during a ceremony held at a hotel in New York, on the sidelines of the UN General Assembly.
Rubio told the press that 'Italy is a major partner with whom we want to continue working,' while Tajani emphasized that the agreement represents a 'central point' for Italy's industrial policy.
According to information from the Italian Ministry of Foreign Affairs, the agreement will allow both countries to exchange technical knowledge and information, as well as attract public funds and private investment in this area. Furthermore, cooperation with international partners is provided for to develop mechanisms that help reduce the prices of these materials.
The United States has intensified its efforts to secure supplies of rare earth elements and other critical minerals, such as lithium, cobalt, nickel, and manganese, in order to reduce dependence on China, which dominates this sector.
Even before the memorandum was signed on Sunday, Tajani noted that one of the priority topics of his visit to the US with Rubio was precisely the signing of an agreement concerning 'raw materials for ensuring more reliable supplies.'
Tajani also mentioned the so-called 'Pax Silica,' which refers to an international initiative led by Washington aimed at ensuring supply chain security for advanced technologies such as artificial intelligence (AI) and semiconductors.
The agreement between the administration of President Donald Trump and the Government of Prime Minister Giorgia Meloni takes place against the backdrop of cooling relations between the two allies this year, which resulted from the Republican leader's criticism regarding Italy's refusal to support the war against Iran. This crisis situation prompted Rubio to visit Rome last May to restore bilateral relations.