BRUSSELS (AP) — The European Union has reached an agreement with China to stabilize the flow of rare earth materials and products from China, a key component for many high-tech and military products, officials announced Tuesday. EU Trade Commissioner Maroš Šefčović met and held discussions with Chinese Minister of Commerce Wang Wentao in Brussels on Friday. Chinese government’s rare earth export regulations Olof Gil, spokesperson for the European Commission, the executive arm of 27 countries, spoke about the European regulations published in April and October and the European regulations on semiconductor sales. Like the United States, Europe has a large trade deficit with China, reaching around 300 billion euros ($345 billion) last year. It relies heavily on China for rare earth materials and products, which are also used to make magnets used in cars and appliances.
Mr Gill said the EU welcomed China’s actions over the past 12 months. Suspension of rare earth export regulationscalled for a new and stable trade system for critical materials. He said the EU was working with China on an export licensing system to ensure a more stable flow of rare earth minerals into the region.
“This is the appropriate and responsible step in terms of ensuring stable global trade flows in this vitally important sector,” Gill said.
Šefčović said Brussels and the Chinese government continue to discuss further trade measures.
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“Both sides reaffirmed their continued engagement to improve the implementation of export control policies,” he told XPost.
China is the EU’s second largest goods trading partner after the US. Bilateral trade is estimated at 2.3 billion euros ($2.7 billion) per day.
Both China and the EU believe it is in their interests. Keep trade relations stable for the world economy, and they have certain things in common climate goals.
