Latest news with #export supply mechanism
South China Morning Post
7 days ago
- Business
- South China Morning Post
EU and China agree on plan to iron out rare earth export restrictions, von der Leyen says
'We agreed – and this is new – to have an upgraded export supply mechanism. In other words, if there are bottlenecks, this upgraded support supply chain support mechanism can immediately check and solve the problem or the issue that is out there,' von der Leyen said. China's chokehold on rare earth exports has become one of the biggest issues in the EU-China relationship and was high on Brussels' agenda as its leaders sat down with Chinese President Xi Jinping and Premier Li Qiang in separate sessions. The tension stems from China's decision to impose licensing requirements on the export of rare earth elements and magnets in April. The move was a response to US tariffs, but European firms were caught in the crossfire, with some production lines grinding to a halt. Von der Leyen acknowledged China's efforts 'on fast tracking licences for the critical raw materials ' and said progress was vital to repairing 'trust in our trade relationship'. 'We need a reliable and secure supply of critical raw materials from China. Being seen as a reliable supplier and partner is clearly aligned with China's long-term economic and strategic interests,' she said.
South China Morning Post
7 days ago
- Business
- South China Morning Post
China and EU agree to upgrade export safeguards to ensure critical mineral supply chains
The EU and China agreed to a new 'export supply mechanism' to address Europe's concerns about Beijing's export controls on rare earths, European Commission President Ursula von der Leyen said after a summit in Beijing on Thursday. 'We agreed – and this is new – to have an upgraded export supply mechanism. In other words, if there are bottlenecks, this upgraded support supply chain support mechanism can immediately check and solve the problem or the issue that is out there,' von der Leyen said. She acknowledged China's efforts 'on fast tracking licences for the critical raw materials' and said progress was vital to repair 'trust in our trade relationship'. 'We need a reliable and secure supply of critical raw materials from China. Being seen as a reliable supplier and partner is clearly aligned with China's long-term economic and strategic interests,' she said. The remarks came after the 25th summit between the EU and China, held in Beijing to mark the 50th anniversary of diplomatic relations this year. The two parties pledged to work together on global issues such as tackling climate change and preserving biodiversity, signing a joint statement on climate ahead of the Cop30 summit in Brazil later this year.
