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Summit provides joint action

THERE will be more than five agreements signed in the areas of economic, research and climate change cooperation at the upcoming European Union-China Summit, said Vitezslav Grepl, Czech ambassador to China.

Grepl yesterday said one of the agreements will be on science and research cooperation or the establishment of a joint energy center. He did not specify the details of others.

The annual EU-China Summit, a high-level political consultative mechanism, is to be held today in Prague, the Czech Republic, which is holding the European Union presidency. Chinese Premier Wen Jiabao will travel to Prague for the 11th EU-China Summit.

The ambassador said leaders will mainly talk about further EU-China cooperation in overcoming the global financial crisis.

The crisis calls for concerted action at both the European and the international levels, Grepl noted, adding that the EU has taken a series of bold measures to restore confidence, stability and sustainability in the financial markets and is interested in further consultations with China aimed at coordinating common approaches to solve the difficulties and making recommendations to improve the international financial system.

Grepl said China and the EU can together achieve a win-win result in the mutual trade exchange through market openness, liberal trade policy, fair competition and granting of equal access to opportunities for companies from both sides. Cooperating on investments will also be important to cut the bilateral trade imbalance.

The EU is China's largest trading partner, while China is the second-largest of the EU's. Trade between the two sides grew to US$425.58 billion last year, a rise of 19.5 percent from 2007.

China and the EU agreed the global financial institutions should be given a bigger role in monitoring economic risks and developing economies should have more say in these bodies, said Grepl.


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