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European Union and China signed the Comprehensive Investment Agreement, at the end of 7 years of negotiations. This was announced by the President of the European Council, Charles Michel. Ten days ago, Beijing surprised Brussels with a “never-before-seen proposal.”
The EU and China sign the trade agreement
Historic turning point in relations between the EU and China. Michel spoke of “a milestone for the economy“What improvement”access a key global market and create a level playing field for our businesses”.
The EU has the largest single market in the world.
We are open to business but committed to reciprocity, fair competition, and our values.
🇪🇺and 🇨🇳 we have reached an agreement in principle on investment, for a more balanced trade and opportunities.
“The EU has the world’s largest single market. We are open for business, but we like reciprocity, fair competition, and our values. The EU and China have concluded an agreement in principle on investment, for more balanced exchanges and opportunities”The president of the European Commission tweeted Ursula von der Leyen.
– Ursula von der Leyen (@vonderleyen) December 30, 2020
CAI, von der Leyen: more transparency and rules
The agreement, on the one hand, provides more transparency on subsidies and rules for Chinese public companies. For European companies, on the other hand, better market access, certainty and predictability will be guaranteed, von der Leyen said.
According to the president, the agreement provides the EU with a means to abolish forced labor. Brussels will cooperate with China to protect the climate thanks to the Paris agreements and promote “rules-based multilateralism”.
The EU has announced that the agreement unites the two parties in a values-based investment relationship based on the principles of sustainable development.
For the Beijing Ministry of Commerce, CAI promotes the opening of the Dragon “in the financial sector, services, green industries and advanced manufacturing, including the hospital and automotive sectors”.
The agreement between China and the EU is comprehensive, balanced and high-level. The consent, confirmed the director of the ministry Li Yongjie, was “reached by both parties on rules for companies, including state-owned ones, on transparency of subsidies, on finances and regulations”.
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