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Bloomberg Quint
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Making All Efforts To See Essential Rare Earth Magnets Come To India: Commerce Secretary
- India is making efforts to ensure essential imports of rare earth magnets can come to the country amid China's export ban on these materials.
- Commerce Secretary Sunil Barthwal mentioned that China's export control on rare earth magnets was a global response and not specifically aimed at India.
- Efforts are being made to address the impact on the auto sector by engaging with industry associations like the Society of Indian Automobile Manufacturers and Automotive Component Manufacturers Association of India.
- The Ministry of External Affairs and Commerce are actively involved in discussions at both diplomatic and commercial levels to facilitate essential imports to India.
- Chinese Vice Foreign Minister Sun Weidong held talks with Indian Foreign Secretary Vikram Misri in New Delhi, where India urged China for greater predictability and transparency in rare earth exports, emphasizing adherence to international trade norms.
- China's tighter export controls on rare earth elements in April caused uncertainty in India's auto and electronics sectors due to their reliance on these materials.
- While China dominates rare earth refining globally, India has reserves but lacks large-scale processing and magnet-making capabilities.
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