China’s commerce ministry on Saturday said that it is willing to strengthen dialogue with other relevant countries on rare earth minerals export controls. The ministry said it has approved a certain number of compliant rare earth applications and will continue to improve the examination and approvals of applications.
Chinese ministry also said Beijing is willing to accelerate the examination and approval of rare earth exports to European Union firms and will also deliver a verdict on its trade investigation of EU brandy imports by July 5.
Price commitment consultations between China and the EU on Chinese-made electric vehicles exported to the EU have also entered a final stage but efforts from both sides are still needed, according to a statement on the Chinese Commerce Ministry’s website.
The issues were discussed between Chinese Commerce Minister Wang Wentao and EU Trade Commissioner Maros Sefcovic in Paris on Tuesday, according to the statement.
The comments mark progress on matters that have vexed China’s relationship with the EU over the past year.
Relief in the offing?
Most recently, China’s decision in April to suspend exports of a wide range of rare earths and related magnets has upended the supply chains central to automakers, aerospace manufacturers, semiconductor companies and military contractors around the world. The latest announcement also comes amid growing concerns among automakers in India over a deepening shortage of rare earth magnets that are essential for electric vehicles and other advanced technologies.
(With inputs from Reuters)