China, EU agree on investment deal
Print Edition
CHINA and the European Union yesterday agreed on an investment deal that has been nearly seven years in the making.
Chinese President Xi Jinping and European leaders announced that the two sides have completed negotiations as scheduled.
The announcement was made during a meeting between Xi and German Chancellor Angela Merkel, French President Emmanuel Macron, President of the European Council Charles Michel and President of the European Commission Ursula von der Leyen via video link.
Chinese companies will receive binding commitments of access to the EU market under the agreement, while China will open up its financial, manufacturing and services sectors to the 27-nation bloc, said Li Yongsha, deputy director of the department of treaty and law at China’s Ministry of Commerce.
China and the EU will “push for an early signing” of the pact, Li said at a late-night media briefing in Beijing.
Although the European investment market is relatively open, through the agreement the EU provides Chinese companies with legally binding market-access commitments, she added.
Consensus was reached on issues such as energy, state-owned enterprises, transparency of subsidies, technology transfer, standard setting, administrative enforcement and financial regulation, Li said, adding that the agreement also made provisions on environmental issue.
Calling the investment agreement between China and the European Union as “balanced, high-standard and mutually beneficial,” Xi said the treaty has shown China’s determination and confidence to push high-level opening-up. “The agreement will provide greater market access, higher level of business environment, stronger institutional guarantees and brighter cooperation prospects for mutual investment,” Xi said.
The treaty will also greatly boost world economic recovery in the post-pandemic era, enhance the international community’s confidence in economic globalization and free trade, making significant contributions to the building of an open world economy, the Chinese president said.
Stressing China’s commitment to fostering a new development paradigm that will provide more market opportunities, Xi called on the EU to uphold free trade and multilateralism, and provide an open, fair and non-discriminatory business environment for Chinese investors.
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