China Increases Rare Earth Export Allocations
08/23/12Source: Custom Briefings
Related Topics: International Trade
Bloomberg News (8/23) reports, "China, the world's biggest supplier of rare earths, increased export quotas to companies by 2.7 percent to the highest in three years after they complied with environmental standards."
The AP (8/23) reports, "The Commerce Ministry announced an export quota of 9,770 tons for the second half of the year. Added to the quota for the first six months of the year, that brings the 2012 total to 30,996 tons - an increase of about 3 percent over 2011."
AFP (8/23) reports, "The 2.7% increase, the first since 2009 according to analysts, came after major trading partners sought litigation through the World Trade Organization (WTO) in a months-long dispute over China's export restrictions on the metals. The European Union, the United States and Japan in June asked the WTO to form a panel to resolve the dispute after earlier consultations through the trade body failed." China, AFP reports, "has repeatedly defended its practices, saying they aim to protect the resources and the environment as part of an effort to promote sustainable development."
Also covering the story are the Wall Street Journal (8/23, Areddy, Yap, Subscription Publication), Reuters (8/23, Lian, Wong), and other media sources.
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