SCO visit: 'Avoid trade roadblock,' says EAM Jaishankar - Is it pointed towards China's curbs on critical minerals export?
"As neighbouring nations and major economies in the world today, there are various facets and dimensions of our ties. Measures towards normalizing our people to people exchanges can certainly foster mutually beneficial cooperation. It is also essential in this context that restrictive trade measures and roadblocks are avoided. I hope to discuss these issues in further detail," he said in his opening address during his meeting with Chinese foreign minister Wang Yi.
The discussions were held just hours after Jaishankar arrived in China for a two-day visit to attend the Shanghai Cooperation Organisation (SCO) conclave. This marks his first trip to the country since the sharp decline in bilateral relations after the Galwan Valley clashes in June 2020.
He also pressed upon the need to address border issues, while also highlighting the progress made on the same in the past nine months.
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"Excellency, we have made good progress in the past nine months for the normalization of our bilateral relations. It is a result of the resolution of friction along the border and our ability to maintain peace and tranquility there. This is the fundamental basis for mutual strategic trust and for smooth development of bilateral relations. It is now incumbent on us to address other aspects related to the border, including de-escalation," he said.
China, which commands a dominant share of the global rare earth magnet supply, has imposed export restrictions, tightening access to these critical minerals essential for producing automobiles, electric vehicles (EVs), and renewable energy infrastructure.
Rare earth magnets play a critical role in high-tech industries, powering everything from electric vehicles and smartphones to wind turbines and defense equipment.
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