  We study the gravitational radiation reaction in compact binary systems
composed of neutron stars with spin and huge magnetic dipole moments
(magnetars). The magnetic dipole moments undergo a precessional motion about
the respective spins. At sufficiently high values of the magnetic dipole
moments, their interaction generates second post-Newtonian order contributions
both to the equations of motion and to the gravitational radiation escaping the
system. We parametrize the radial motion and average over a radial period in
order to find the secular contributions to the energy and magnitude of the
orbital angular momentum losses, in the generic case of \textit{eccentric}
orbits. Similarly as for the spin-orbit, spin-spin, quadrupole-monopole
interactions, here too we deduce the secular evolution of the relative
orientations of the orbital angular momentum and spins. These equations,
supplemented by the evolution equations for the angles characterizing the
orientation of the dipole moments form a first order differential system, which
is closed. The circular orbit limit of the energy loss agrees with Ioka and
Taniguchi's earlier result.
