&imwidth=800&imheight=600&format=webp&quality=medium "China lifts export ban on fertilisers, rare earths, tunnel machines as Wang Yi visits India: Report")
China has informed India that it has lifted export restrictions on fertilisers, rare earth magnets and minerals, and tunnel boring machines, according to sources. The major breakthrough came after Indian External Affairs Minister S Jaishankar raised the three key demands in a meeting with his Chinese counterpart Wang Yi last month. The Chinese foreign minister is currently visiting India on a three-day diplomatic trip. On Monday, Yi, reportedly assured Jaishankar that Beijing had already begun acting on India's demands. China has also started the shipment of said critical items, suggest reports.
Why is this important? What was the Impact of Chinese curbs on Indian markets?
India had earlier raised concerns over China suddenly imposing restrictions on the three critical items. Reports suggest that the sudden imposition of an export ban affected the Rabi season, as it hit the supply of Di-Ammonium Phosphate (DAP). Meanwhile, shipment delays of tunnel boring machines affected crucial infrastructure projects, including those by foreign companies with manufacturing plants in China.
The curb on Rare earth mineral exports impacted the auto and electronics sectors, which faced severe shortages and warned of disruptions in production.
Also read |
Why did China impose the export curbs?
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According to reports, China imposed the restrictions while citing security concerns and strained bilateral relations with India.
However, Yi, in a statement published on Tuesday (Aug 19), lauded the progress in relations between India and China, noting that they were on a "positive trend".
On Monday, during talks with Jaishankar, Wang Yi said that the two countries should "view each other as partners and opportunities, rather than adversaries or threats". Pointing to the resumption of "dialogue at all levels" and "maintenance of peace and tranquillity in border areas" as evidence, the Chinese foreign minister said that the bilateral ties were on a "positive trend of returning to the main path of cooperation".
Watch | Wang Yi In India: Differences Shouldn’t Turn Into Disputes, S. Jaishankar to Wang
