The government on Monday said it is making all efforts to ensure that essential imports of rare earth magnets can happen to India amid an export ban by China.
In a trade data briefing, Commerce Secretary Sunil Barthwal told reporters that China's move to control exports of rare earth magnets was a global response, and not just targeted against India.
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"However, since it is impacting the auto sector more, we're engaged with Society of Indian Automobile Manufacturers, Automotive Component Manufacturers Association of India. We are facilitating them to have discussions with their Chinese counterparts," Barthwal said.
The Ministry of External Affairs and Commerce are also actively engaged, he added. "Discussions are going on at a diplomatic as well as commercial level. We're making all efforts to see essential imports can come to India," he said.
Chinese Vice Foreign Minister Sun Weidong also held talks with Indian Foreign Secretary Vikram Misri in New Delhi last week, where it was reported that India urged China to ensure greater predictability and transparency in rare earth exports, calling for adherence to international trade norms.
Beijing's April decision to impose tighter export controls on several rare earth elements triggered uncertainty in India's auto and electronics sectors, which are highly reliant on these materials. China controls over 80% of the global rare earth refining capacity. While India holds reserves, it lacks large-scale processing and magnet-making capability.
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