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The European Union and China reached an agreement in principle on Wednesday to sign a bilateral investment treaty, announced Ursula von der Leyen, president of the European Commission.
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“Today, the European Union and China have finalized negotiations in principle for an investment agreement. It is a more balanced agreement for trade and business opportunities,” Ursula von der Leyen said on Twitter.
Ursula von der Leyen attended a videoconference meeting with Charles Michel, President of the European Council, Chinese President Xi Jinping, German Chancellor Angela Merkel and French President Emmanuel Macron on Wednesday.
“The European Union has the largest single market in the world. We are open for business, but we are committed to reciprocity, equal standards and competitive values,” said Ursula von der Leyen.
“We will improve the situation through a fairer treatment of our companies. Transparency of subsidies and rules for state-owned companies, greater market access, certainty and predictability for EU companies, stopping forced technology transfers and other practices that generate disruptions ”, underlined the President of the European Commission.
“This agreement will defend European interests and promote core values. It provides us with tools to eradicate forced labor. We are committed to working with China to protect the climate under the Paris Agreement and promote regulatory multilateralism,” said Ursula von der . They read.
“After intense negotiations by the European Commission, the European Union and China have concluded in principle the negotiations for the signing of a Comprehensive Investment Agreement. (…) The agreement is of great economic importance and also provides obligations (… ) The agreement also contains important commitments in the field of environment and climate, including the effective implementation of the Paris Agreement, and in the field of labor standards, ”the European Commission announced in a statement. A press release published in your website.
Chinese President Xi Jinping said, according to Xinhua and Reuters, that the deal would create larger markets and a better business environment for Chinese and EU companies. This agreement highlights China’s determination and confidence to open up, stressed Xi Jinping, noting that the treaty will stimulate the recovery of the world economy after the pandemic crisis, promote economic globalization and free trade.
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