AAt the end of nearly seven years of negotiations, during a video conference between EU leaders and Xi Jinping, the community alliance and Beijing reached a “policy agreement” on investments.
According to the official Chinese news agency Xinhua (New China), the agreement announced during the video conference that the agreement will help boost the recovery path after the current outbreak of Govt-19 disease and strengthen economic globalization and international confidence. Free trade.
The EU and China have been negotiating the deal since 2014, but in recent weeks, negotiations have progressed significantly as the parties promised to finalize a document by the end of this year.
According to Brussels, the political agreement reached today will “create a better balance in EU-China trade relations” because “the EU has traditionally been more open to foreign investment than China”.
Beijing “now promises to open up to the EU in a number of key areas and ensure” fair treatment “for European companies so that they can compete on an equal basis, the European Commission said.
“For the first time, China has agreed to ambitious rules on sustainable development, including compulsory labor obligations and recognition of the fundamental traditions associated with the International Labor Organization,” the social executive said in a statement.
The text of the agreement has not yet been finalized by the parties and has been approved by the Council (Member States) and the European Parliament, which will only take place at a later stage in 2021.
The “policy end” of the negotiations on this new EU-China investment agreement took place during a video conference in which the EU was represented by European Commission Presidents Ursula van der Leyen and European Councilor Charles Michel. German Chancellor Angela Merkel (who holds the rotating half-term presidency of the EU Council until the end of December, which will be accepted by Portugal earlier this year) and French President Emmanuel Macron.
Also read: EU, China reach “policy agreement” on investment