EU and China Forge Path to Stabilize Rare Earth Trade

The European Union and China have reached an agreement to stabilize the trade of rare earth materials, vital for high-tech and military products. This understanding comes amidst export control discussions, aiming to ensure a steady supply flow and to maintain stable trade relations for global economic interests.

The European Union and China have struck a pivotal agreement to stabilize the trade of rare earth materials, essential for the production of high-tech and military equipment. This development was announced following a meeting in Brussels between EU trade commissioner Maros Sefcovic and Chinese Commerce Minister Wang Wentao.

Discussions focused on Beijing's export controls and European regulations affecting semiconductor sales. With China being a critical supplier, the EU welcomed Beijing's recent suspension of rare earth export controls and expressed the need for a more consistent trade framework to secure these critical materials.

Both regions emphasize maintaining their trading ties for global economic stability, recognizing the importance of bilateral trade valued at 2.3 billion euros daily. They are committed to continuing dialogue on effectively implementing export control policies, a step seen as crucial for global trade.

(With inputs from agencies.)