China scraps rare earth export quota
Print Edition
CHINA yesterday told the World Trade Organization that the country had scrapped its rare earth export quota system.
China told WTO members that it had taken measures on January 1 and May 1, this year, after losing a WTO case in 2014. It had been given time until May 2 to implement the changes.
The quota system was introduced in 2011.
China is a leading player in rare earths and holds 90 percent of the global market share despite having only 23 percent of the world’s reserves.
The case followed complaints lodged in 2012 by the United States, the European Union and Japan.
Under the new guidelines, rare earth minerals will still require an export licence in China but the amount that can be sold abroad will no longer be covered by a quota.
Rare earth minerals are vital for the manufacture of many high-technology products, including cellphones, batteries for hybrid cars and wind turbines.
The US yesterday hailed the Chinese move.
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