/View.info/ Pact to ensure greater market access, brighter future for cooperation, says Xi Jinping
A major investment deal between China and the European Union agreed on Wednesday night will provide greater market access for both countries and a brighter future for China-EU cooperation, President Xi Jinping said on Wednesday.
The agreement was reached “in principle” as negotiations on the bilateral investment agreement are now closed, negotiators said.
In a video conference with German Chancellor Angela Merkel, French President Emmanuel Macron, European Council President Charles Michel and European Commission President Ursula von der Leyen, Xi and European leaders jointly announced the conclusion of negotiations after more than seven years of negotiations.
The balanced, high-quality and mutually beneficial agreement shows China’s determination and confidence to promote opening-up at a high level, Xi said.
It will promote the recovery of the world economy in the post-pandemic era, facilitate world trade and the world economy, increase the international community’s confidence in economic globalization and free trade, and make a significant contribution to building an open world economy, he added.
Negotiations on an investment deal between China and the EU began in October 2013 with the aim of reaching a higher-level agreement covering investment protection and market access. The two sides held the 35th round of talks earlier this month.
Xi noted that China is dedicated to building a new development paradigm that will bring more market opportunities and greater space for cooperation to Europe and the whole world.
Xi said he hopes the EU will promote free trade and multilateralism and provide an open, fair and non-discriminatory business environment for Chinese investors.
Xi pointed out that 2020 is an extraordinary year for China, Europe and the world, with growing uncertainties given the outbreak of COVID-19 and major changes not seen in a century.
China and Europe have overcome difficulties and made fruitful achievements in strengthening bilateral relations, he said.
China and Europe, as two major powers, two major markets and two ancient civilizations, should shoulder their responsibilities and be active in promoting global peace and progress, Xi said.
The president presented five proposals, namely coordinating their efforts to fight pandemics, jointly promoting economic recovery, linking development strategies, promoting green development and advancing multilateral cooperation.
The investment treaty is a comprehensive, balanced and advanced agreement that is based on high-level international economic and trade rules and focuses on institutional openness, the Commerce Ministry said late Wednesday.
The outcome of the negotiations covers four areas of work: market access commitments, fair competition rules, sustainable development and dispute settlement, said Li Yongjie, director general of the ministry’s contract and law department.
European leaders said that despite the impact of COVID-19, communications between Europe and China have been strengthened this year, with great progress made, including the conclusion of an agreement on geographical indications of origin for products.
The conclusion of negotiations on the EU-China investment deal is a milestone for Europe-China relations, leaders said. They will promote the recovery of the global economy, they continued, adding that it also proves that although Europe and China have disagreements on some issues, both sides have the will to strengthen dialogue, deepen joint action and achieve win-win cooperation , based on mutual respect.
Hailing the agreement as a high-quality deal, European leaders said they appreciated China’s efforts to boost opening-up, promote free trade and facilitate investment.
The EU appreciates China’s measures to combat climate change and combat pandemics, and the two sides should step up cooperation on issues such as disease control, climate change, biodiversity, sustainable development and World Trade Organization reform, they said.
Jochum Haakma, chairman of the Brussels-based EU-China Business Association, said the association was very happy that a decision had been taken to end the negotiations, and of course the details would have to be worked out in the coming months and ratified by the European Parliament.
Based on the talks, European companies operating in various industries, including financial services, telecommunications services and new energy vehicles, will see new opportunities in China, he said.
This will be of great importance and a big step for bilateral relations and shows the political readiness of both sides to continue together and try to solve problems and misunderstandings on the basis of reciprocity and equal conditions, he said.
Bernard Devitt, chairman of the Belgian-Chinese Chamber of Commerce, said the move would help boost trade between China and the EU. European companies and investors in China will benefit from this.
Translation: ES
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