MEA: Some firms get China licences to import REMs

Some companies in India have received licences to import rare earth magnets (REMs) from China, said Ministry of External Affairs (MEA) Spokesperson Randhir Jaiswal at his weekly media briefing on Thursday.

- ARCHIS MOHAN

At least four companies — Continental India, DE Diamond, Hitachi, and Jay Ushin — have secured the necessary Chinese licences, according to sources. They submitted end-user certificates required under Beijing’s export control regime, ensuring the materials will not be diverted to the United States (US) or used for defence production.

In his media briefing, Jaiswal also noted that the US has granted India a six-month waiver, effective October 29, from sanctions on the Chabahar port project in Iran, where India has played a central role in development.

On trade negotiations, he said New Delhi remains “engaged with the US on finalising the trade deal”. External Affairs Minister S Jaishankar and US Secretary of State Marco Rubio met earlier this week on the sidelines of the East Asia Summit in Kuala Lumpur, where discussions are believed to have touched on the pending trade deal.

Jaiswal also told reporters India is assessing how Thursday's understanding between Washington and Beijing on rare earths might affect its own interests.