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European Union has agreed to China on stabilizing the flow of rare earth materials and products from China, which are critical elements for many high-tech and military products, an official said on Tuesday. EU Trade Commissioner Maros Sefcovic meets Chinese Commerce Minister Wang Wentao brussels to discuss on friday Beijingexport controls on rare earths issued in April and October, and european The rules on semiconductor sales, said Olof Gil, a spokesman for the European Commission, the 27-nation bloc’s executive arm. Like the US, Europe has a huge trade deficit with China – about 300 billion euros ($345 billion) last year. It is heavily dependent on China for rare earth materials and products, which are also used to make magnets used in cars and appliances.
Gill said the EU welcomed China’s recent 12-month suspension of rare earth export controls, and called for a new and stable system of trade in critical materials. He said the EU is working with China on an export licensing system to ensure a more stable flow of rare earth minerals into the bloc.
“This is an appropriate and responsible step in the context of ensuring stable global trade flows in an extremely important region,” Gill said.
Šefčovič said Brussels and Beijing were continuing to talk about further trade measures.
“Both sides reaffirmed their commitment to continue engagement on improving the implementation of export control policies,” he said in an X-post.
China is the EU’s second largest trading partner in goods, after the United States. 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 to keep their trade relations stable for the sake of the global economy, and they share some climate goals.