EU and China seize momentum to enhance trade agreements in response to Trump’s administration

EU-China Summit
From left to right: Mr Jean-Claude JUNCKER, President of the European Commission; Mr Li KEQIANG, Prime Minister of China; Mr Donald TUSK, President of the European Council.
Shoot location: Bruxelles – BELGIUM
Shoot date: 02/06/2017
Copyright: European Union

The EU-China summit will take place on July 16-17 in Beijing where both parties are going to discuss how to improve their trade and investment relations the moment when Donald Trump’s administration is imposing tariffs all around the world shaking the world and trade order.

Chinese and EU leaders have already met in Bulgaria and Germany during the last days expressing their willingness to cut beneficial deals for both nations. Besides, China is EU’s biggest source of imports and its second-biggest export market, as far as trade is concerned.

Despite the fact that EU and China attempt to team up to bridge the US gap, there are still trade disagreements which are pledged though by China to be overcome through the protection of the multilateral world order and access improvement of its vast domestic market.

EU-China High-level Economic and Trade Dialogue

During the 7th annual EU-China High-level Economic and Trade Dialogue (HED) which was held in Beijing on June 25, Vice-President Jyrki Katainen and Vice-Premier of the State Council Liu He, who is responsible for the relations with the EU and the US, had the chance to talk about the things that separate them ahead of a fruitful summit. Both sides agreed to exchange market access offers to strengthen the momentum in order to achieve a more powerful agreement on Investment.

In detail, European Commission Vice-President for Jobs, Growth, Investment and Competitiveness stated:

“I am confident that the exchanges we have had with my new counterpart, Liu He, have been useful in paving the way towards a successful EU-China Summit in the economic and trade field. I am particularly pleased with the progress achieved in our investment negotiations and look forward to an exchange of offers at the Summit.”

What is more both mentioned that at the upcoming EU-China Summit they would be ready to sign a Memorandum of Understanding (MoU) on the Circular Economy, an MoU for an Emissions Trading System and an Oceans’ Partnership that includes fisheries.

More preparatory talks

Chinese delegation’s recent visits in the Old Continent have shown that there is great chance to have a joint communiqué at the 20th EU-China summit.  Last Saturday, the Chinese Prime Minister Li Keqiang met with eastern and central European leaders in Sofia, Bulgaria announcing China’s will to open its economy to everyone.

More specifically, Li Keqiang mentioned:

“Opening up has been a key driver of China’s reform agenda, so we will continue to open wider to the world, including widening market access for foreign investors. Countries are welcome to board China’s economic express to share opportunities of China’s development.”

Furthermore, the Chinese Prime Minister went to Germany to meet the Chancellor two days ago and talk about the enhancement of their economic ties as Donald Trump’s MAGA (Make America Great Again) policy is affecting both economies. During their discussions, commercial deals were signed worth of around 20 billion euros where Siemens, Volkswagen and BASF are among the German companies to be get the lion’s share.

Once more, Prime Minister Li Keqiang stressed out that

“China has intellectual property guarantees in place to ensure that German companies need not fear losing proprietary technologies”.

The above framework was anticipated as on June 25 Li Keqiang told French Prime Minister Edouard Philippe that Beijing thinks of buying more planes this year and was ready for further talks with France about obtaining Airbus aircrafts. Also, China signed an agreement to import beef from France and pledged to buy more farm products.

Vice President Liu He mentioned after the conference that

“Both sides believe that we must resolutely oppose unilateralism and trade protectionism and prevent such behavior from causing volatility and recession in the global economy”.

All in all, Trump’s MAGA policy has caused global trade turbulences and as a result China and the EU are fighting back against the protectionist measures of the US government by joining forces, in a joint effort to maintain the multilateral trading system.

Therefore, both the EU and China currently exchange views on market access, state subsidies, forced tech transfers, and cyber security in order to achieve a strong EU-China trade agreement; something that seems to be the case after all.

the sting Milestone

Featured Stings

Can we feed everyone without unleashing disaster? Read on

These campaigners want to give a quarter of the UK back to nature

How to build a more resilient and inclusive global system

Stopping antimicrobial resistance would cost just USD 2 per person a year

This man is turning cities into giant sponges to save lives

This credit card has a carbon-emission spending limit

10th ASEM in Milan and the importance of being one: EU’s big challenge on the way to China

EU prolongs economic sanctions on Russia by six months

Carnage must stop in northwest Syria demands Lowcock, as attacks intensify

This app uses augmented reality to rewrite ‘herstory’

Is euro to repeat its past highs with the dollar?

Electronic Cigarettes: Are they really as safe as we think?

Poor Greeks, Irish and Spaniards still pay for the faults of German and French banks

Ensuring the ‘lungs of the planet’ keep us alive: 5 things you need to know about forests and the UN

Darfur: Inter-communal tensions still high despite improved security, Mission head tells Security Council

Parliament: No consent to EU budget until €11.2 billion unpaid bills are settled

5 things you probably didn’t know about global health

The 27 EU leaders did nothing to help May unlock the Brexit talks

Why youth unemployment is so difficult to counter

‘Signs of hope’ toward a political settlement in Yemen, UN special envoy tells Security Council

Indian cities are running out of water

From drought to floods in Somalia; displacement and hunger worsen, says UN

Five things everybody needs to know about the future of Journalism

Dieselgate: Parliament calls for mandatory retrofits of polluting cars

Is the advent of nationalism to destroy economic neo-liberalism?

Online marketplaces can help close Africa’s skills gap

New European frontiers for renewable energy development

UN rights chief ‘extremely concerned’ over deadly crackdown on protesters in Iran

Trust in OECD governments back at pre-crisis levels as governments seek to be more open and engaged

Under fire, UN refugee agency evacuates 135 detained in Libya to Niger

How microfinance develops decent work

MWC 2016 LIVE: Mobile World Congress shows off planes, trams and automobiles

How smart tech helps cities fight terrorism and crime

Nagasaki is ‘a global inspiration’ for peace, UN chief says marking 73rd anniversary of atomic bombing

5 ways cities can use emerging technologies to fight climate change

How blockchain can cut the cost of new medicine

MWC 2016 LIVE: 5G to trigger disruption, claim industry leaders

Ramp up nuclear power to beat climate change, says UN nuclear chief

Safer roads: More life-saving technology to be mandatory in vehicles

A call for a new crop of innovators

COVID-19: research package welcomed, EU needs to be better equipped in future

We should treat data as a natural resource. Here’s why

Bank resolutions set to remain a national affair

This Pacific island has banned fishing to allow the marine ecosystem to recover

VW emissions scandal: EU unable to protect its consumers against large multinationals

Thursday’s Daily Brief: STIs worldwide, food safety and food prices, updates on Iraq and East Africa

Here’s how the global financial crisis is still affecting your wages

5 facts to know about Africa’s powerhouse – Nigeria

A Sting Exclusive: “Delivering on the Environmental Dimension of the new Sustainable Development Agenda”, Ulf Björnholm underscores from UNEP Brussels

5 ways to get your business ready for AI in 2020

Visiting North Korea, UN relief chief spotlights funding shortfall to meet humanitarian needs

Refugee crisis: Commission proposes a new plan urging EU countries to help Italy

Mental health in times of pandemic: what can each individual do to lessen the burden?

Frans Timmermans on the European Green Deal as a growth strategy at the Bruegel Annual Meetings

Coronavirus – here’s the public health advice on how to protect yourself

Syria: UN chief warns Idlib offensive may set off ‘humanitarian catastrophe’

The ethics of the Medical Technology Civilisation era

6 innovative technologies about to transform our infrastructure

“A divided Europe is not in China’s interests”, Ambassador Zhang of the Chinese Mission to EU welcomes Brussels

A ‘charismatic leader’ dedicated to making the world a better place for all: officials bid farewell to former UN chief Kofi Annan

The ECB proposes a swift solution for SMEs’ financing

Tackling Youth Unemployment

European Commission statement on the adoption of the new energy lending policy of the European Investment Bank Group

EU and Overseas Countries and Territories boost cooperation at annual Forum with €44 million

More Stings?

Advertising

Speak your Mind Here

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s