China's Diplomatic Dance: Trade Talks and Brandy Duties

China is expediting the approval process for rare earth exports to European Union firms, while planning to resolve its investigation of EU brandy imports by July 5. The announcements were made by China's commerce ministry on Saturday, marking potential de-escalation in trade tensions with the EU.

Chinese Commerce Minister Wang Wentao and EU Trade Commissioner Maros Sefcovic engaged in talks in Paris, showing progress in addressing friction points between China and the European Union. Earlier this year, China's decision to halt exports of rare earths disrupted global supply chains crucial to various industries.

The contentious issue of Chinese duties on European brandy imports, enforced after EU's action against Chinese electric vehicle imports, has been especially taxing, with a resolution anticipated soon. Cooperative efforts on price setting for Chinese EVs demonstrate both parties' commitment to enhancing trade relations.

(With inputs from agencies.)