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C20 Group Submits Final Statement to G20 Summit

Prince Abdul Aziz bin Salman, the Saudi energy minister. (File/AFP)
Prince Abdul Aziz bin Salman, the Saudi energy minister. (File/AFP)
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C20 Group Submits Final Statement to G20 Summit

Prince Abdul Aziz bin Salman, the Saudi energy minister. (File/AFP)
Prince Abdul Aziz bin Salman, the Saudi energy minister. (File/AFP)

Saudi Minister of Human Resources and Social Development Ahmed Al-Rajhi received the closing statement of the civil society engagement group for the G20 countries on behalf of Custodian of the Two Holy Mosques King Salman bin Abdulaziz.

The C20 group wrapped up on Saturday the work of this year's civil society summit chaired by Saudi Arabia, which was held virtually during the past four days, with the presence of more than 20,000 participants from 109 countries around the world.

The summit’s agenda had 65 discussion sessions and workshops, in which the more than 380 speakers included representatives of the governments of twenty countries, international civil society organizations, and specialized international organizations, as well as experts and decision-makers.

Prince Abdul Aziz bin Salman, the minister of energy, participated in a special dialogue on the future of green energy.

A number of representatives of the Saudi presidency of the G20 countries also took part in the summit, including Fahd Al-Mubarak, minister of state.

"We won’t be part of the problem, nor part of the solution. Our goal is to be pioneering in finding solutions," Prince Abdul Aziz bin Salman said.

He affirmed that the Kingdom has been tirelessly pushing towards an international commitment to endorse the Circular Carbon Economy in efforts for a sustainable and clean environment.

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China Increases Scrutiny of Rare Earth Magnets with New Tracking System

FILE PHOTO: US President Donald Trump attends a bilateral meeting with China's President Xi Jinping during the G20 leaders summit in Osaka, Japan, June 29, 2019. REUTERS/Kevin Lamarque/File Photo
FILE PHOTO: US President Donald Trump attends a bilateral meeting with China's President Xi Jinping during the G20 leaders summit in Osaka, Japan, June 29, 2019. REUTERS/Kevin Lamarque/File Photo
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China Increases Scrutiny of Rare Earth Magnets with New Tracking System

FILE PHOTO: US President Donald Trump attends a bilateral meeting with China's President Xi Jinping during the G20 leaders summit in Osaka, Japan, June 29, 2019. REUTERS/Kevin Lamarque/File Photo
FILE PHOTO: US President Donald Trump attends a bilateral meeting with China's President Xi Jinping during the G20 leaders summit in Osaka, Japan, June 29, 2019. REUTERS/Kevin Lamarque/File Photo

China has introduced a tracking system for its rare earth magnet sector, three sources said, as its export restrictions on them begin to cut off customers around the world.

The national tracking system, which went into effect last week, requires producers to submit extra information online including trading volumes and client names, said two sources familiar with the matter and another briefed by those involved.

The world's largest rare earth magnet supplier and exporter, China in early April imposed export restrictions on seven medium to heavy rare earth elements and several magnets, requiring exporters to obtain licenses, Reuters said.

Delays getting approvals have upended supply chains for automakers, semiconductor companies and others, with global automakers already beginning to stop some production lines as reserves run out.

Beijing unveiled high-level plans to establish an information tracing system for rare earth products last June, but there had been no implementation until last week, according to the source briefed on the matter.

The added level of scrutiny suggests that China's export controls on rare earths and the associated magnets - where it has a near-monopoly on production - could become a permanent feature for the products.

There have been hopes in the US and elsewhere that this would be removed as part of a trade truce agreed in Geneva last month.

In previous cases where China has imposed export curbs on metals, exports have tended to slowly rebound after the imposition of restrictions as exporters apply and receive licenses.

"Our current hypothesis is that China would continue its export control mechanism on rare earths, as its an ace card for China to hold," said Tim Zhang, founder of Singapore-based Edge Research.

Beijing's long-term target is to track the whole rare earth production chain, not just magnets, strengthen its control over the sector, and crackdown on smuggling, illegal mining and tax evasion, according to a fourth source who was also briefed on the matter.