China, EU Formally Establish Trade and Investment Consultation Mechanism with 4 Working Groups

(CNA Taipei, June 30) Chinese Minister of Commerce Wang Wentao and European Union Trade Commissioner Maros Sefcovic co-chaired the first meeting of the China-EU Trade and Investment Consultation Mechanism on the 29th, and issued a joint statement after the meeting. Both sides formally established the China-EU Trade and Investment Consultation Mechanism, which will be supported by 4 working groups.

According to the website of the Chinese Ministry of Commerce, both sides held "comprehensive, in-depth, and constructive" discussions on important China-EU economic and trade issues, confirmed the formal establishment of the China-EU Trade and Investment Consultation Mechanism, and set up 4 major working groups: Trade and Investment Balance, Export Controls, Intellectual Property Rights, and the WTO, as well as a joint monitoring mechanism.

According to the Chinese Ministry of Commerce, both sides exchanged market access lists and agreed to promote the gradual resolution of their respective concerns. Both sides fully affirmed the positive progress made in the China-EU export control dialogue and agreed to strengthen dialogue and take further facilitation measures to maintain the stability of global supply chains. Both sides agreed to further strengthen cooperation and exchanges within the framework of intellectual property rights and the WTO.

Wang Wentao also raised concerns about issues such as the EU's financing ban on inverters, the revision draft of the "Cybersecurity Law," and the "Industrial Accelerator Act."

Wang Wentao emphasized that China is not the source of the EU's problems, but a partner in solving them. The EU's relevant economic and trade tools and restrictive measures against China have seriously affected normal China-EU economic and trade cooperation and the stability of global supply chains. He urged the EU to proceed from the overall situation of China-EU economic and trade relations, attach importance to China's solemn concerns, and avoid escalating economic and trade friction. China is willing to strengthen dialogue and consultation with the EU through the China-EU Trade and Investment Consultation Mechanism, properly handle differences and frictions, promote practical cooperation, and promote a more balanced upward trend in China-EU trade.

According to official Chinese information, Sefcovic stated that China is a key economic and trade partner for the EU, and the EU unanimously agrees that contact and dialogue with China should be strengthened, and there is no intention to expand trade friction. The EU pays high attention to the issue of trade balance and is willing to strengthen dialogue and consultation with China under the EU-China Trade and Investment Consultation Mechanism, manage differences, expand exports to China, and promote a more balanced and stable development of EU-China economic and trade relations.

Finally, it was reported that both sides instructed the working teams to accelerate their work, strive for practical results, and prepare for the next meeting of the China-EU Trade and Investment Consultation Mechanism. (Editor: Lu Jialong / Zhu Jianling) 06/30/2024

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