The United Nations Conference on Trade and Development published on June 12 its global trade update focused on critical minerals, and the diagnosis is clear: the governance of lithium, cobalt, nickel, copper, and rare earths is shifting from the multilateral to the bilateral plane, with direct consequences for producing countries in Latin America.

According to [the official UNCTAD report](https://unctad.org/news/critical-minerals-are-reshaping-global-trade-demand-surges), 73 international agreements and partnerships on critical minerals have been identified, of which 58 were signed after 2022. These instruments increasingly cover the full value chain, from exploration and extraction to processing, refining, and recycling, but agreements in which developing economies participate remain concentrated in the upstream phase, with fewer provisions for adding industrial value. Lithium demand is projected 353 percent higher between 2024 and 2040, and graphite demand 131 percent higher over the same horizon.

Processing concentration remains the structural bottleneck. [Engineering News coverage of the report](https://www.engineeringnews.co.za/article/critical-minerals-are-reshaping-global-trade-as-demand-surges-unctad-2026-06-12) highlights that Australia, Chile, and China account for more than 70 percent of global lithium production, and that refining flows remain anchored in a small number of industrial centers. UNCTAD identifies local processing, technology transfer, and domestic content clauses as tools to prevent producing countries from remaining trapped in the lowest value-added phase.

Latin America appears explicitly in the document. Mexico, Chile, Peru, Bolivia, and Argentina are central pieces in the new map of lithium, copper, and silver. Each faces simultaneous pressure from the United States, the European Union, and China to sign bilateral agreements that privilege supply security over domestic industrial development.

The key decisions of the coming months are political. If the region articulates a joint position within USMCA, Mercosur, or the Pacific Alliance, it gains negotiating leverage; if each country closes deals in isolation, the extractive pattern consolidates for at least a decade.

Frequently Asked Questions

How many critical minerals agreements exist and since when?

UNCTAD identified 73 international agreements on critical minerals, of which 58 were signed after 2022, according to the report published on June 12, 2026.

Why is this relevant for Latin America?

Mexico, Chile, Peru, Bolivia, and Argentina are central producers of lithium, copper, and silver, and face simultaneous bilateral pressure from the United States, the European Union, and China, according to UNCTAD's assessment.

What does UNCTAD identify as tools for producing countries?

The organization identifies local processing, technology transfer, and domestic content clauses as means for producing countries to capture value beyond the extractive phase.

Fuentes: