Norway Signs Cooperation Agreement with the U.S. on Critical Minerals
On October 1, 2024, Norway entered into a landmark cooperation agreement with the United States focusing on the trade of critical minerals. The deal emphasizes sustainable and responsible supply chains, with particular attention to labor conditions within these value chains.
Norwegian Minister of Trade, Cecilie Myrseth highlighted the agreement as a significant step towards strengthening collaboration with the U.S. and enhancing access for Norwegian businesses to the American market.
The agreement sets forth principles of cooperation concerning value chains, worker rights, and environmental protections. Both countries will work together to assess how different global regulations impact their respective companies. “This historic agreement puts worker rights and fair competition on the agenda in a dedicated agreement with the U.S.,” Myrseth stated, underscoring the mutual interest in promoting sustainable development and responsible business practices.
The agreement was signed by Norwegian Foreign Minister Espen Barth Eide during a bilateral meeting with U.S. Secretary of State Antony Blinken in Washington, D.C. Norway, as a key exporter of critical raw materials like nickel and cobalt, plays a crucial role in supplying these essential resources to the U.S., which is also the largest producer of aluminum, silicon, and graphite in Europe.
The Norwegian Business Federation (NHO) expressed optimism about the collaboration, hoping it would lead to agreements that improve market access for Norwegian companies under the Inflation Reduction Act (IRA), a vital component for businesses in the sector. NHO CEO Ole Erik Almlid remarked, “Norway and Norwegian companies have much to contribute regarding critical minerals for the green transition.”
Additionally, the agreement aims to foster high standards for worker rights and environmental protection within the supply chains of critical raw materials. Trade Union Leader Peggy Hessen Følsvik emphasized that collaboration between Norway and the U.S. would ensure more predictable access to these vital resources while safeguarding jobs in Norway’s export industries. She stressed the necessity of what labor organizations call “just transition,” ensuring that the shift to a greener economy does not compromise job security and income for workers.
In summary, this cooperation agreement reinforces the commitment of both nations to prioritize responsible sourcing of critical minerals while promoting equitable labor practices and environmental stewardship.
Read the Agreement here