China's rare earth trade limits break global rules: WTO
Published on Mar 26, 2014 11:56 PM
GENEVA (AFP) - China has broken the rules of global commerce by restricting exports of rare earths, tungsten and molybdenum, a move that benefited domestic industries, a World Trade Organisation panel said on Wednesday.
The WTO disputes settlement body said that Beijing's deployment of export duties and quotas, plus limits on who could trade in what are key raw materials for hi-tech goods, skewed global commerce against fellow nations.
In a trade ministry statement issued by its diplomats in Geneva, China said it regretted the ruling and was considering its options.
The panel, made up of independent trade and legal experts, backed a WTO complaint filed in 2012 by the United States, the European Union and Japan.
To continue reading, log in if you are a subscriber
Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!