Washington, 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 Washington, DC. "For those of you who join, we offer you a necessary foundation for private financing, and secure access to the critical mineral supplies your nation would require in an emergency or some other contingency," Vance said. The proposal comes even as America steps up efforts to weaken China's hold over the global critical minerals supply chain. China currently leads production of 30 minerals deemed critical by the US Geological Survey and accounts for roughly 70% of rare earths mining and more than 90% of processing globally. Jaishankar welcomed the US proposal, dubbed the FORGE Initiative, and highlighted India's efforts in the critical minerals domain during his remarks at the ministerial meeting. The external affairs minister's scheduled visit comes amid a visible thaw in India-US ties, following the announcement of a long-awaited trade deal by US President Donald Trump on Monday. "Underlined challenges of excessive concentration and the importance of de-risking supply chains through structured international cooperation. Highlighted India's efforts towards greater resilience through initiatives including National Critical Minerals Mission, Rare Earth Corridors and responsible commerce. Conveyed India's support to the FORGE initiative on critical minerals," Jaishankar said on X. Earlier on Tuesday, Jaishankar also met US Secretary of State Marco Rubio. The two leaders welcomed the India-US trade agreement and spoke about economic and energy cooperation, according to a readout of the meeting released by the US State Department. Significantly, Rubio and Jaishankar also discussed the four nation Quad grouping, which also includes Australia and Japan. "Secretary Rubio and Minister Jaishankar concluded their meeting by expressing their commitment to expanding bilateral and multilateral cooperation through the Quad. They acknowledged that a prosperous Indo-Pacific region remains vital to advancing our shared interests," reads a statement from the US State Department on the Jaishankar-Rubio meeting. The Quad Leaders Summit, which typically takes place annually and brings together the heads of government from all four nations, was initially slated for 2025 with India acting as the host. However, tensions between New Delhi and Washington over trade and India's purchases of Russian oil led to the postponement of the meeting. It is unclear when the leaders' meeting is expected to take place....