The European Union and China have agreed to make tangible progress in resolving their trade disputes by October. This was announced following talks in Brussels on 29 June.
European Commissioner for Trade Maroš Šefčovič and Chinese Minister of Commerce Wang Wentao held a meeting at which they launched a new consultation mechanism on trade and investment. The parties intend to stabilise relations and make them more balanced.
“Our teams have a clear mandate and an ambitious timetable to achieve tangible results by October this year,” Šefčovič told reporters.
The talks are taking place against a backdrop of a significant trade imbalance. The EU’s trade deficit with China stands at around €360 billion a year. Europe is concerned about excessive Chinese exports, which threaten local industries, as well as issues relating to market access, intellectual property and export controls.
The October deadline coincides with the next summit of EU leaders. The next high-level meeting is scheduled to take place in Beijing.
In recent months, tensions between the two largest economic partners have risen significantly. Brussels is conducting anti-dumping investigations and tightening market protection measures, whilst Beijing criticises European trade barriers.
Both sides emphasise their willingness to engage in dialogue to avoid escalation and prevent a trade war.