Rare Earth: China grants import licenses for rare earth magnets to Indian companies, know the updates

 Rare Earth: China grants import licenses for rare earth magnets to Indian companies, know the updates

Rare Earth Magnets: The Ministry of External Affairs (MEA) announced on Thursday that China has granted licenses to some Indian companies to import rare earth magnets. Let's learn more about it.

China has granted licences to some Indian companies to import rare earth magnets, the Ministry of External Affairs said on Thursday. China's decision to ease restrictions on the supply of rare earth minerals to India comes at a time when both sides are trying to normalise bilateral relations. Relations between the two countries had become strained after more than four years of military tension along the LAC in eastern Ladakh.

"Some Indian companies have received licences to import rare earth magnets from China," External Affairs Ministry spokesperson Randhir Jaiswal said at his weekly media briefing. However, he did not elaborate. Rare earth minerals are considered crucial for high-end technology products including electric vehicles (EVs), drones and battery storage. China has been a major player in the supply chain of critical minerals globally.

India is hoping for a steady supply of rare earth minerals to fuel its economic growth. China accounts for about 70 percent of global rare earth mining. This has made China a major player in the global supply chain of critical minerals. China was to export significant quantities of fertilizers to India by 2023. However, Beijing had blocked supplies to several countries last year. It lifted the restrictions in June but did not ease rules to resume exports to India.

Two weeks ago, China announced new restrictions on the export of technologies and equipment related to the mining and processing of rare earths, lithium batteries, and rare earth-based superhard materials. China's decision to grant licences to Indian companies is being seen as part of overall efforts to revive ties between the two sides. 

Source by internet.

Created by MOHAMMAD SHOAIB.