China-EU trade deal is good news for pandemic recovery

Town Online 2021: 03: 12.14: 26

Photo: screenshot from CGTN.

Brussels, 03/12/2021 (The People Online) – China’s ambassador to the European Union, Zhang Ming, hailed recent developments in the China-EU trade deal as “good news” for the global economic recovery from COVID-19.

After seven years of negotiations, Beijing and Brussels announced last December that they had reached an agreement “in principle” on the Investment Agreement between China and the European Union (CAI), a wide-ranging agreement that it will usher in a new era of relations between the two powers.

Speaking to CGTN Europe, Zhang Ming said that he would not only help boost economic cooperation between China and the EU, but also help businesses in both regions that could help both regions emerge from the pandemic.

“In developing relations between China and the EU, what matters most is starting from common interests and making decisions independently,” said Zhang Ming.

“The two sides will push forward follow-up work to ensure that the Chinese and European people and their companies can benefit from this agreement at an early stage,” he added.

The deal has yet to be ratified by the European Parliament, but the European Commission is positive about the developments, saying it will ensure that EU investors can gain better access to China’s fast-growing market with 1.4 billion consumers.

The bloc’s executive came to describe it as “the most ambitious agreement that China has ever signed with a third country.”

Zhang Ming was equally optimistic, saying he would help with China’s reform and opening up the country’s markets.

He stressed that as the world struggles to contain the virus, maintain a smooth exchange of goods, the normal operation of investment projects and stable supply chains between China and the EU would be “crucial for economic recovery.”

The ambassador added that despite COVID-19, economic and trade cooperation has remained “highly resilient.”

“The EU’s trade in goods with China grew by 4.4%, the only positive growth among the EU’s main trading partners,” he said, praising China’s rise as the EU’s largest trading partner as “a encouraging development. “

Considering the size of the EU and China, the agreement has attracted global attention, and experts hope that the CAI, which goes beyond standard bilateral investment agreements, will reshape the global investment landscape.

But Zhang Ming stressed that he was not “targeting any third party”, expressing hope that the issue “will not become politicized or become a geopolitical problem.”

Regarding the effect of Brexit on the trade deal, Zhang Ming said it was not the place for China to get involved: “The UK and the EU are still working on the detailed agreements for their future relationship and this is between the UK and the EU. China will not interfere or comment. “

“Our position is clear,” said the ambassador. “We are ready to work with all members of the international community to promote free trade.”

(Web editor: Wu Sixuan, Zhao Jian)

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