EU Council President Charles Michel defended the planned investment agreement with China. Before the start of the G7 meeting with US President Joe Biden on Friday, Michel called the agreement a “big step in the right direction” in front of journalists on Monday evening.
After years of negotiations, the EU and China agreed in principle on the investment agreement at the end of December. However, the climate between the two sides deteriorated significantly as a result.
In March, the EU imposed sanctions on party and regional representatives in the Chinese province of Xinjiang for cracking down on the Muslim Uyghur minority. In response, China for its part imposed sanctions on EU politicians and scientists. As a result, the European Parliament refused to ratify the agreement.
“We want to rebalance our economic relationship with China,” said Michel. Because there is a lack of “fairness” and equal market access. “And that’s why we tried last year to accelerate the negotiations on this investment agreement.”
Michel also praised the rapprochement between the USA and the EU. After the tensions under former US President Donald Trump, the Council President welcomed Biden’s efforts to improve relations and the return to a “strong partnership”. After the G7 summit, Michel and EU Commission President Ursula von der Leyen will receive the US President on June 15 in Brussels for a high-level meeting.
Last week, Biden blacklisted other Chinese companies that US investors are not allowed to invest in. Europe is not naïve towards China, stressed Michel. The position of the USA is also “very similar” to the European one. China is “a competitor, but it is also important to work with China when necessary”.
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