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US President-Elect Joe Biden Calls For Stronger Trade Coalitions Against China As The EU Appears Close To A Deal
US President-elect Joe Biden on Monday called for stronger coalitions against China to be formed on the trade and economic fronts, even as the European Union appeared to be close to a bilateral investment deal with Beijing. “As we compete with China and hold the government of China accountable for its abuses on trade, technology, human rights and other fronts, our position will be much stronger when we build coalitions of like-minded partners and allies,” said Biden, who will assume the charged on January 20. “On any issue that matters to the US -Relationship with China: from the implementation of a foreign policy for the middle class, including a trade and economic agenda that protects American workers, our property intellectual property and the environment, to ensuring security and prosperity in the Indo-Pacific region, and upholding human rights. they are strongest and most effective when we are flanked by nations that share our vision, ”said Biden. Get the latest insights and analysis from our Global Impact newsletter on the big story Representatives from all 27 EU member states were briefed by negotiators who had “reported on recent positive developments in negotiations with China, including labor standards”, an area that had been a sticking point in previous talks, according to an EU diplomat with knowledge of the discussions. All EU member states back the investment deal with China, the sources say. As part of the deal, European companies are expected to gain unprecedented access to telecommunications, finance, and electric and hybrid cars. Biden’s comments underscore the degree to which his policies will align with those of the EU. President Donald Trump’s outgoing administration, though likely without the sharp rhetoric that has characterized the Trump years, US Secretary of State Mike Pompeo, a prominent China hawk whose term ends when the Biden administration begins, has made the Beijing’s isolation a key target of the State Department ever since. 2018, when he took over the agency.In one of his most prominent speeches on China this year, delivered at the Richard Nixon Presidential Library in Yorba Linda, California, in July, Pompeo declared his commitment to governments in Europe and other regions. with Beijing he had done more harm than good to the world’s democracies. “If we do not act now, ultimately, the [Chinese Communist Party] it will erode our freedoms and subvert the rule-based order that our societies have worked so hard to build, “he said, a theme that has been constantly buzzing. Still, the United States and China have been moving, albeit slowly, with the phase one trade agreement They signed in January, which includes commitments from Beijing to further open its financial sector to US companies.In June, Beijing allowed Wall Street investment bank JPMorgan to operate the continent’s first wholly foreign-owned futures business. Also that month, China’s central bank gave the final go-ahead to a network clearing license for an American Express joint venture, allowing it to become the first foreign credit card company to launch ground operations in China. In August, Yi Gang, the head of China central bank, reiterated Beijing’s promise to open up financially, allowing houses to trade es of Wall Street have brokerage and fund management operations in China, among other measures. The potential EU-China investment deal should be viewed more in this context than a Washington one, said Mary Lovely, a senior fellow at the Washington-based Peterson Institute for International Economics. “How much urgency from the EU is due to the perceived advantage with which the US has come out of phase one of the deal, especially in financial services?” she asked. “The US agreement did not recognize the impact of Chinese actions in Europe and this may have provided additional impetus for the EU to seek a deal before the end of the year.” The threat of this deal makes it difficult to find common ground with the Biden administration is over the top, ”added Lovely, who is also a professor of economics at Syracuse University. “There will continue to be important shared concerns about Chinese behavior to unite Americans and Europeans.” Biden rips the Pentagon apart over transition “roadblocks” Biden announced last month that he would nominate Antony Blinken as his secretary of state. Blinken is a longtime adviser to Biden, having served as a top adviser to the Senate Foreign Relations Committee and national security adviser from 2009 to 2013, while Biden was vice president. He challenged, and vowed to work with US allies to confront Beijing on issues such as trade practices. “When we work with allies and partners, depending on who we include, it’s 50 or 60 percent of GDP. That’s a lot more weight and a lot harder for China to ignore, “he said during a July event at the Hudson Institute, a Washington-based think tank. More from the South China Morning Post: * China and the EU ‘should meet midway ‘in this article US President-elect Joe Biden calls for stronger trade coalitions against China as the EU appears to be close to a deal that first appeared in the South China Morning Post. China Morning Post download our mobile app. Copyright 2020.
