Signalling an easing of economic strains, China has assured India that it will resolve key trade concerns, especially relating to rare earths and fertilisers.
Chinese Foreign Minister Wang Yi gave the assurance to External Affairs Minister (EAM) Dr S Jaishankar during their discussions in New Delhi.
According to government sources, Wang Yi informed Jaishankar that Beijing was working to address three of India’s priority concerns: rare earths, fertilisers, and tunnel boring machines.
China’s restrictions on the export of rare earth magnets, imposed in retaliation for US tariff hikes, have affected several economies dependent on Chinese supplies, including India.
The rare earth magnets play a vital role in high-tech industries, powering everything from smartphones and electric vehicles to large-scale industrial machinery.
India’s reliance on these imports has made the issue a pressing concern in bilateral discussions.
Wang Yi arrived in New Delhi on Monday for a two-day official visit. His itinerary includes a fresh round of Special Representatives (SR) dialogue on the boundary question with National Security Advisor (NSA) Ajit Doval, as well as a meeting with Prime Minister Narendra Modi.
China’s Foreign Ministry said Wang’s trip would help the two nations implement the consensus reached between President Xi Jinping and Prime Minister Modi last year, particularly in areas of economic cooperation and regional stability.
Jaishankar Stresses Fair Trade and Global Stability
In his opening remarks, Jaishankar underlined the importance of ensuring balanced economic engagement.
“It is also essential in this context that restrictive trade measures and roadblocks are avoided,” he said.
The minister also pointed to the wider global context of the talks.
“When the world’s two largest nations meet, it is natural that the international situation will be discussed. We seek a fair, balanced and multi-polar world order, including a multi-polar Asia,” he noted.
He emphasised the importance of reformed multilateralism, economic stability, and collective efforts to fight terrorism.
“The fight against terrorism in all its forms and manifestations is another major priority. I look forward to our exchange of views,” he added.
The discussions will cover a broad range of issues, including the ongoing border situation, bilateral trade, and the possible resumption of direct flight services between the two nations.
Observers see Wang Yi’s assurances on rare earths and fertilisers as a constructive step that addresses India’s concerns, signalling efforts by both sides to rebuild trust and stabilise economic cooperation despite lingering political challenges.
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