India confirms import licenses for rare earth magnets from China following Trump-Xi meeting: Video
India’s Ministry of External Affairs has confirmed that several domestic companies have been granted licenses to import rare earth magnets from China, marking the first such approvals since Beijing introduced export controls on the materials in April.
MEA spokesperson Randhir Jaiswal told reporters in New Delhi on Thursday, October 30, that firms including DE Diamond, Hitachi, and Continental India have received conditional permits.
Jaiswal noted that India is still evaluating the impact of recent US-China trade developments. “As far as the latest talks and relaxations that have happened between the US and China, we are yet to assess how they will play into our domain,” he said.
China’s restrictions on critical materials have been paused for one year under a trade agreement reached between US President Donald Trump and Chinese President Xi Jinping during a meeting in South Korea on Thursday.
In a separate announcement, Jaiswal revealed that the United States has granted India a six-month waiver from sanctions tied to the Chabahar port project in Iran. The strategic initiative, spearheaded by India Ports Global Ltd (IPGL), involves an estimated $370 million investment to strengthen connectivity across the region.
This story is written and edited by the Global South World team, you can contact us here.
