Brussels, 24/07/2012 (Agence Europe) - The WTO dispute settlement body will make a decision in the complaint by the EU, the United States and Japan against Chinese restrictions on the export of a group of 17 minerals that are essential to the high-tech industry.
At the request of the complainant countries, the dispute settlement body decided on Monday 23 July to set up a special group to look into the Chinese restrictions on the export of rare earths, tungsten and molybdenum.
While Brussels, Washington and Tokyo slam the export quotas and duties and the administrative formalities which have the result of restricting Chinese exports of these products, making them ever more expensive for foreign importers, Beijing defends its policy which seeks to protect is natural resources and to ensure sustainable economic development.
Reacting on Monday, the Chinese delegation in Geneva said it regretted that a panel was being set up, giving assurances that China had no intention of protecting its domestic economy by means which result in distortion of trade rules. According to statistics quoted by Beijing, China holds a more than 90% share of the global rare earths market, when it has only 23% of the global reserves of this resource. It argues that over-exploitation of this sort can only harm its sustainable development.
The panel will, in principle, deliver its report within six to nine months. An amicable solution may still be reached during this time. (EH/transl.rt)