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AGI – China and the European Union have reached an agreement “in principle” on investments, which ends seven years of negotiations between Beijing and Brussels. The agreement reached has “great economic significance”, reads a note from the European Union and “links the two parties to an investment relationship based on values and based on the principles of sustainable development “.
The agreement will serve to “rebalance” trade and investment between China and the European Union and provides for a “full implementation” of the Paris agreements on climate and environment: then there will be a “strong mechanism” for implementation and monitoring. , guarantees in the fields of technology transfer against “distorting practices” and “clear obligations” for Chinese SOEs.
For Beijing, the agreement “provide mutual investments with greater access to markets, a higher level of business environment, higher institutional guarantees and brighter cooperation “and” will “strongly stimulate the global recovery in the post-epidemic period,” said Chinese President Xi Jinping.
Macron’s unannounced presence
The agreement was signed in a video meeting between the Chinese president and EU leaders, the president of the Commission, Ursula von der Leyen, the president of the European Council, Charles Michel, the German chancellor Angela Merkel, as rotating president; The meeting was also attended by the French president, Emmanuel Macron and precisely his participation by the head of the Elysee, whose presence was not justified by the format of the event, was received with “surprise” by Italy, which “was aware of Macron’s will to fit in “but I was hoping this scenario would be avoided.
The Comprehensive Investment Agreement (CAI) is “a great step forward” that “restores balance” in relations between the EU and China, giving European companies “a strong boost” in the Chinese market, said the vice president of the Commission. UE, Valdis Dombrovskis. Today’s result, he added, does not solve all the difficulties in the relationship with China – which Brussels regards as a “systemic rival” – even if it “ties Beijing with significant commitments in the right direction, more than it has ever agreed to do before.”
China ensures that the agreement will apply to all fieldsBeijing Commerce Ministry spokesman Gao Feng said, with new opportunities, especially in advanced manufacturing, green development and service sectors. Officially launched in November 2013, the China-EU negotiations officially began in January 2014 and lasted for 36 rounds of talks.
“A victory for multilateralism”
The last obstacle concerned respect for international labor law standards, that Beijing is committed to fulfilling, although there are many doubts on the part of the EU (and the US). China is now the European Union’s main trading partner and the deal comes just weeks after Joe Biden took office in the White House, who promised more involvement from international allies to put pressure on China.
His team had raised concerns about the deal and the President-elect’s National Security Advisor Jake Sullivan had called for preventive “consultations” with European partners on Beijing’s economic practices – a reminder aimed primarily at allegations of exploitation. of forced labor in the Xinjiang Autonomous Region targeted by international suspects of human rights violations and mass arrests.
For Beijing, however, the agreement – which will have to be translated, ratified by the 27 members of the Union and approved by the European Parliament – sends a message of victory for multilateralism to the new US administration. China, Gao said, “remains committed to the new development paradigm and the expansion of openings. We want to cooperate with all parties, including the United States, for a win-win scenario.”