China Eases Export Restrictions on Rare Earth Magnets to India

New Delhi, Aug 19 (KNN) China has lifted restrictions on the export of rare earth magnets to India, according to a Reuters report on Tuesday, August 19.

The development comes as Chinese Foreign Minister Wang Yi is on a two-day visit to New Delhi, where he held talks with top Indian leaders.

According to CNBC-TV18, Wang Yi assured External Affairs Minister S. Jaishankar that China would work to address three critical issues raised by India: the supply of fertilisers, tunnel boring machines, and rare earth magnets.

On Monday, Jaishankar was informed that Beijing had already started responding to these requests, with shipments reportedly underway, the Economic Times reported.

China had earlier imposed strict curbs on rare earth magnet exports and related materials starting April 4, which impacted several Indian industries reliant on the critical resource.

The easing of restrictions marks a positive signal in the ongoing discussions between the two neighbours.

As part of his visit, Wang Yi also met National Security Advisor Ajit Doval at Hyderabad House in New Delhi on Tuesday. According to ANI, he is scheduled to meet Prime Minister Narendra Modi later in the day.

Wang Yi’s visit gains added significance as it comes ahead of Prime Minister Modi’s expected trip to Tianjin, China, where he is likely to attend the Shanghai Cooperation Organisation (SCO) summit from August 31 to September 1.

The diplomatic engagements between the two countries are being closely watched, particularly in the backdrop of trade concerns and regional security challenges.

The easing of restrictions on rare earth magnets, coupled with reassurances on other key imports, signals potential progress in bilateral cooperation, even as both sides continue to address broader strategic differences.

(KNN Bureau)