EU-China, rare earths in focus/ Parties to discuss Chinese export restrictions next week
Brussels and Beijing will hold talks next week on China's recent restrictions on exports of rare earth minerals and magnets, the European Commission announced.
"We can confirm that high-level meetings will take place, both with physical and virtual participation, next week," a spokesman for the bloc's trade office told reporters.
“The teams will engage in the framework of the Export Control Dialogue, which was enhanced after the EU-China summit in July,” the official added. It is not clear whether the issue of restrictions on microchips will also be discussed.
According to two EU officials, the export restrictions from Beijing were raised as an issue during a meeting of the bloc's leaders a few days ago. One of them said that the use of the European Union's most powerful trade tool, the Anti-Corruption Instrument, was also mentioned, but it did not find much support among the leaders. The instrument is intended to protect member states from economic or political pressure from third countries.
The Union, which imports most of its critical raw materials from China, is facing the consequences of trade tensions between Beijing and the Trump administration in the United States.
"A supply crisis of critical raw materials is no longer a distant risk," European Commission President Ursula von der Leyen declared this week during a speech to European lawmakers.
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