India, Feb. 6 -- With rare earth minerals emerging as the next big resource for nations seeking to stay ahead in the race for global power, the US has unveiled its most ambitious plans yet to corral countries into a coalition of the willing for critical minerals that will coordinate price floors for materials used in semiconductors, electric vehicles, wind turbines, aerospace and defence. The only factor behind this move is countering China's dominance of the sector - it mines almost 60% of the world's rare earths and processes about 90%. India's initiatives such as establishing a domestic ecosystem for rare earth permanent magnets and creation of dedicated rare earth corridors are a pointer to the centrality of self-sufficiency in this area, and external affairs minister S Jaishankar was in attendance in Washington as US vice president JD Vance unveiled the preferential trade bloc of more than 50 nations. The Forum on Resource Geostrategic Engagement (FORGE) will focus on mineral policy, extraction and pricing and complement Pax Silica, another US-led initiative focused on AI-related supply chains. Both initiatives point to an emerging global battle front, where the leaders are scouting for allies in self-interest and to guard against any power cornering rare but crucial resources. India's concern is understandable as domestic manufacturing of electric vehicles and other sectors were impacted last year when China suddenly curbed the exports of rare earth minerals. The new US-led bloc is a key platform, and it is important for India to have a seat at the table, simply to avert any overt dominance of China over critical minerals. Similarly, the US-led Pax Silica initiative, which India is expected to join, is crucial at a time when the US is aggressively concluding agreements on critical minerals with countries such as Australia, Japan, South Korea and Thailand. India has six percent of global rare earth reserves, as against Vietnam's 19%. Delhi must rapidly ramp up its expertise in both extraction and processing to be taken as a serious player at a time when such assets are increasingly being used for national security leverage. Participation in multilateral efforts such as the US initiative will help, as will speeding up cooperation under agreements India has signed with nations including Argentina and Australia....