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The long-awaited trade investment agreement between the European Union (EU) and China is coming to an end. The deal could be finalized this week. The British media released this information on Tuesday.
Negotiations on an investment agreement between China and the EU began in 2014. But its implementation has been stalled for so long due to complications on various issues.
Trade wars with the United States could have a major impact on China’s shifting position, officials say. The deal is expected to open up the Chinese market to European companies and increase competition.
According to various media outlets, the investment deal will open up China’s manufacturing sector to European companies. Cooperation will be increased in the construction, promotion, aviation and telecommunications sectors.
One reason the deal has stalled in recent years has been China’s demand for access to the EU fuel market. The issue of national security has come up time and again with this touchy subject. If a deal is reached now, Beijing could have less access to Europe’s renewable energy sector.
The new agreement could also remove various barriers to foreign investment in China. In particular, there may be changes on issues such as the obligation for joint ventures or restrictions on foreign ownership of certain institutions.
Once the terms of the agreement are finalized, it must be approved by the European Parliament. However, the chances of this process starting in the first half of 2021 are slim.
KAA / MS
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