It would stimulate the global economy as it recovers from the coronavirus pandemic and increase mutual trust, he added.Ī Chinese government official said China and the EU would push for an early signing of the pact. The agreement, he said, showed China's determination and confidence to open up. The deal was struck after an online meeting between the heads of EU institutions and Chinese President Xi Jinping. These issues could make it a hard sell to EU lawmakers, who will need to approve the agreement. The agreement comes just a day after the EU criticised China for jailing a citizen journalist who reported on the early outbreak of the coronavirus pandemic and follows previous calls respect minorities and step back from a crackdown in Hong Kong. Brussels has given some ground in energy, but says its offer to China consists chiefly of guaranteeing the existing openness. The deal includes commitments on climate change and labour rights, including forced labour, a first for China.Ĭommitments are reciprocal, but the EU market is already far more open. president-elect Joe Biden's transition team said. "The Biden-Harris administration looks forward to consulting with the EU on a coordinated approach to China's unfair economic practices and other important challenges," an official from U.S. The EU has been keen to portray the agreement as a step towards forging multilateral rules. The deal brings Europe a degree of parity with the United States, which has struck a "Phase I" trade deal with China, and will undoubtedly be a key issue in future transatlantic talks. Macron offered to visit China in the coming months along with German Chancellor Angela Merkel to discuss other areas of cooperation. In Paris, French President Emmanuel Macron said relations between the EU and China had strengthened in recent years and would continue to do so. Joint venture requirements will fall away for the automotive sector, many financial services, private hospitals, advertising, real estate and environmental services, such as sewage.Ĭompanies that could benefit include Daimler (DAIGn.DE), BMW (BMWG.DE), Peugeot (PEUP.PA), Allianz (ALVG.DE) and Siemens (SIEGn.DE), all with a large presence in China.Ĭhina will pass laws to ban forced transfer of technology from foreign companies, and has pledged to be more transparent on subsidies and bar state-owned enterprises from discriminating against foreign investors. It forms part of a new relationship with China, which the EU views as both a partner and a systemic rival.Įuropean firms will gain permission to operate in China in electric cars, telecom cloud services and certain activities linked to air and maritime transport, such as ground handling. The agreement was negotiated for nearly seven years and is likely to take at least another year to enter into force. BRUSSELS, Dec 30 (Reuters) - The European Union and China agreed on Wednesday to an investment deal that will give European companies greater access to Chinese markets and help redress what Europe sees as unbalanced economic ties.
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