EU and China, towards trade agreement - A deadline of October is set to address a number of issues
The European Union and China set an October deadline to make progress in their trade dispute as tensions rise between the two economic powers. “Not everything will be solved, not everything will be fixed, but we think that between now and October, our teams have enough time to deliver tangible results,” EU trade chief Maros Sefcovic told reporters in Brussels after meeting Chinese Commerce Minister Wang Wentao.
Sefcovic said the two sides will work to address a range of issues affecting EU-China economic relations - most notably a growing trade deficit as subsidized Chinese goods flood the European market. Officials will also examine Chinese export controls, which have restricted Europe's access to essential supplies, as well as intellectual property rights and World Trade Organization reforms.
As part of this effort, the EU and China will create a joint platform to monitor trade flows and identify any unexpected increases.
The push is part of Europe’s renewed effort to combat Chinese trade practices, which leaders say are hurting the continent’s economy. But Europe is in a difficult situation: Any action against Beijing will inevitably trigger retaliation, jeopardizing Europe’s access to a crucial market. So for now, officials are favoring talks.
“This trend is not sustainable and the status quo is not an option,” Sefcovic said, noting that the joint statement with China was the first of its kind since 2019. “The EU remains open for business, but we must protect our industrial base and continue to push for a level playing field globally.”
The October deadline coincides with the next EU leaders' summit on Oct. 15 and comes just after Chinese President Xi Jinping is expected to visit the U.S. in September. It also ends just before a moratorium on export controls on China's critical minerals expires.
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