EU, US Japan against China’s rare- earth export restrictions

EU, US and Japan against China’s rare- earth export restrictions

11:15 PM, 14th March 2012
EU, US and Japan against China’s rare- earth export restrictions
Barack Obama, President, US.

WASHINGTON DC, US: The United States, the European Union and Japan are filing a challenge with the World Trade Organization (WTO) against China’s export restrictions on rare- earth minerals that are crucial for the production of many high-tech devices. “We want our companies building those products right here in America. But to do that, American manufacturers need to have access to rare earth materials which China supplies. Now, if China would simply let the market work on its own, we’d have no objections. Instead, Chinese policies are preventing that from happening and they go against the very rules that China agreed to follow,” said said Barack Obama, President, US.

The United States accuses China of hoarding the valuable minerals for its own use. But China said its restrictions are motivated by environmental concerns. China will have 10 days to respond to the case and must hold talks with the other parties within two months. The EU said it has raised the issue repeatedly with China over the past few years without success. If no solution can be found through the consultation process, the dispute can be transmitted to a WTO panel for a ruling.

© CNN News 

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