India gets rare earth boost as some firms receive import license from China

We have to look at how the US and China talks will play into our domain, MEA spokesperson said

The ministry of external affairs on October 30 said that some Indian companies have received licences for importing rare earth magnets from China.

"Some Indian companies have received licenses for importing rare earth magnets from China... We have to look at how the US and China talks will play into our domain,” MEA spokesperson Randhir Jaiswal said in a weekly briefing.

The development comes after US President Donald Trump earlier on Thursday said that the issue of rare earth with China has been “settled” following a meeting with President Xi Jinping in South Korea during which a one-year trade deal was signed between the two nations.

“We focused on export controls of China on rare earth, and they’re going to keep those flowing, which is quite important,” Trump had said after the meeting with Xi.

In addition, Trump claimed that there’s no roadblock at all on rare earths, asserting that it will "hopefully disappear from our vocabulary for a little while.”

The flow of rare earths had been a key point of contention between the US and China.