China has promised resume supply of rare earths, fertilisers and tunnel boring machines for India following talks between Indian and Chinese foreign ministers.
Discussions covered economic, trade and bilateral issues, excluding border talks.
Despite easing curbs, experts highlight India’s self-reliance as crucial to balance trade and manage future geopolitical risks.
China has promised to resume three of India’s needs, namely supply of rare earths, fertilisers and tunnel boring machines, during a bilateral meeting held between External Affairs Minister S Jaishankar and his Chinese counterpart Wang Yi on August 20, reported ANI.
India-China Trade Talks
In July, EAM Jaishankar had discussed the issue of supplies of urea, NPK and DAP, rare earth minerals and TBM with Minister Wang Yi during his visit to China last month. However, discussions on boundary talks and border issues were not taken up by Jaishankar.
Chinese Foreign Minister Wang Yi assured EAM S Jaishankar that China is addressing the three key concerns of India’s needs for fertilisers, rare earths and tunnel boring machines.
The Chinese Foreign Minister arrived in India on August 19 for a two-day visit.
Earlier, External Affairs Minister S Jaishankar said in his opening remarks that the talks would cover “economic and trade issues, pilgrimages, people-to-people contacts, river data sharing, border trade, connectivity and bilateral exchanges”.
EAM followed up on concerns he had brought up during his visit to China in July earlier this year.
According to ANI, during his opening remarks with Chinese Foreign Minister Wang Yi, EAM asserted that as neighbouring nations and major economies in the world, there are various facets and dimensions of India-China ties. “It is also essential in this context that restrictive trade measures and roadblocks are avoided,” he said.
Jaishankar further stated, “Stable and constructive ties between India and China are not only to our benefit, but that of the world as well. This is best done by handling relations on the basis of mutual respect, mutual interest and mutual sensitivity.”
During his talks with his Chinese counterpart in New Delhi on August 19, the EAM said that differences must not become disputes, nor competition conflict. He added that the visit of the Chinese leader to India provides the two countries with an opportunity to review the bilateral ties, and it is also an appropriate time to exchange views on the global situation and some issues of mutual interest.
Focus on Self-Reliance
While China’s recent move to ease export restrictions on fertisers, rare earths and tunnel-boring machines to India brings relief to the country, self-reliance is the only real safeguard for New Delhi against its widening trade deficit with Beijing, according to a Global Trade Research Initiative (GTRI) report cited by ANI.
"A stronger, more self-reliant India will be better placed to engage China on equal terms, while keeping relations steady and pragmatic rather than hostage to sudden shifts," the report said.
