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Trying to seek early resolution to China's curbs on rare earth magnets: MEA
India's Ministry of External Affairs (MEA) on Thursday said that the government is in touch with the Chinese side to seek an early resolution to Beijing's 4 April export restrictions on rare earth magnets, to ease the shortage of these critical minerals in India. It emphasised the need to bring predictability to supply chains for trade, consistent with international practices.
Addressing the MEA's weekly media briefing, its spokesperson Randhir Jaiswal said that the Chinese Ministry of Commerce and General Administration had announced their decision in early April to implement export controls on certain rare-earth-related items. 'We remain in touch with the Chinese side, in Beijing as well as in Delhi, to bring predictability in the supply chain for trade consistent with international practices,' Jaiswal said.
China has a near monopoly on the supply of rare earth elements. Sources here pointed out that, for China, the export of these critical minerals — used in the manufacture of cars and drones — is central to its trade negotiations with the United States, and India has suffered collateral damage in these negotiations.
Sun is also slated to land in India for a two-day visit starting Friday. His visit to New Delhi comes six months after Foreign Secretary Vikram Misri visited Beijing, which helped resume the suspended bilateral exchanges between the two Asian neighbours.
In Beijing, in response to a question on whether China would lift export restrictions on rare earth metals to India, as it has begun clearing export licences to the US and European Union, Chinese Foreign Ministry spokesperson Lin Jian said on Thursday, 'We are willing to enhance dialogue and cooperation with relevant countries and regions to jointly keep the stability of global industrial and supply chains.'
Sun is a former Chinese ambassador to India and arrives as part of the foreign secretary–vice foreign minister mechanism that the two countries agreed upon during Misri's visit to Beijing in January. At the time, the two sides had agreed to resume direct flights, data sharing on transboundary rivers, and the Kailash Mansarovar pilgrimage, all of which were disrupted due to bilateral tensions.
On India–Canada relations and Prime Minister Narendra Modi's scheduled visit to Canada to attend the G7 Summit, the MEA said New Delhi believes the forthcoming meeting between the prime ministers of the two countries on the sidelines of the G7 Summit will offer an important opportunity to exchange views and explore pathways to 'reset' bilateral ties.
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