Beijing: China has expressed its readiness to accelerate export approvals for rare earth minerals to the European Union, in an effort to ease trade tensions ahead of crucial decisions on tariffs and anti-dumping measures.
According to Anadolu Agency, a spokesperson from the Chinese Commerce Ministry emphasized China's commitment to addressing the EU's concerns by establishing a "green channel" for expediting the approval process for qualified applications. This development comes as Commerce Minister Wang Wentao urged the EU to reciprocate with measures that would facilitate and promote compliant trade of high-tech products to China.
During a meeting in Paris with Maros Sefcovic, the European commissioner for trade and economic security, Wang discussed the controls on rare earth minerals and ongoing investigations into EU brandy exports and Chinese electric vehicles. The anti-dumping investigation into EU brandy was initiated by China earlier this year due to concerns over pricing practices by EU producers. French producers and industry associations have submitted price commitment applications, and China has agreed on key terms with them, expecting a final ruling by July 5.
Additionally, the discussions covered the EU's anti-subsidy investigation into Chinese electric vehicles, which has resulted in increased tariffs on imports from China. The spokesperson indicated that both parties are nearing the conclusion of their price commitment consultations, though some issues remain unresolved. Meanwhile, the EU has proposed exploring "new technical paths," which Beijing is currently reviewing.
These talks occur as both Brussels and Beijing aim to mitigate friction over trade policies and industrial subsidies, amidst a backdrop of growing competition in sectors like electric vehicles, semiconductors, and critical mineral supply chains.