China Promises Addressing Trade Issues with India
(MENAFN) China has assured India that it will work towards resolving major economic challenges concerning the export of essential commodities such as rare earth elements, fertilizers, and tunnel-boring machinery.
This update was shared by Indian media sources on Tuesday, citing recent diplomatic exchanges.
According to a news agency, Chinese Foreign Minister Wang Yi gave this commitment during a meeting with his Indian counterpart, S. Jaishankar. The pledge reportedly aims to ease tensions surrounding the supply of critical materials.
Further confirmation came from another news agency, which referenced sources within the Indian government.
In addition, a news outlet noted that Wang informed Jaishankar that China had already started responding to India’s requests related to these three categories of goods. The publication also mentioned that deliveries had already commenced.
Wang Yi is currently undertaking a three-day official visit to New Delhi.
His agenda includes discussions on border-related issues with Indian National Security Adviser Ajit Doval, as well as a meeting with Prime Minister Narendra Modi.
China, recognized as the globe’s primary supplier of rare earth magnets, implemented export restrictions in April.
These limitations applied to seven medium-to-heavy rare earth variants and specific magnet types.
The move has disrupted global supply chains crucial for industries like aerospace, automotive, and semiconductors.
Indian reports further revealed that China had also curbed exports of fertilizers and tunnel-boring equipment to India, creating setbacks for the country’s agriculture and infrastructure development initiatives.
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