India, Feb. 5 -- The United States on Wednesday announced the creation of a new critical minerals trading bloc aimed at reducing global dependence on China. US vice-president JD Vance outlined plans for this new trading zone at a 55-nation ministerial conference which included India's external affairs minister S Jaishankar.

"The benefits will be immediate and durable. Regardless of how much material flows into the global market, prices within the preferential trade zone will remain consistent. Over time, our goal within that zone is to create diverse centers of production, stable investment conditions and supply chains that are immune to the kind of external disruptions we have already talked about," Vance told the assembled ministers in...