China and the European Union (EU) have reached an agreement to maintain the stability of bilateral economic and trade relations and further balance them. The parties also scheduled the next meeting within the trade and investment consultation mechanism for March 2027, according to a joint statement published on Friday.
The Chinese Ministry of Commerce reported that Chinese Commerce Minister Wang Wentao and European Commissioner for Trade and Economic Security Maroš Šefčovič jointly chaired the second meeting of the China-EU trade and investment consultation mechanism. This meeting took place in Beijing from Thursday to Friday.
According to the ministry, both sides held constructive and pragmatic discussions and agreed on a list of outcomes. This list includes 16 specific points of consensus concerning the balance of trade and investment, export controls, intellectual property rights, and the reform of the World Trade Organization (WTO).
The parties agreed to continue exploring the possibility of reducing tariffs on certain goods in accordance with WTO rules. Furthermore, China and the EU reached a mutual understanding regarding the trade of hybrid vehicles, which complies with WTO norms.
The ministry also noted that the parties will continue relevant procedures regarding companies' price commitments and EU anti-dumping reviews related to Chinese electric vehicles. It was also agreed to hold a technical dialogue on the EU Regulation on external subsidies.
China expressed its readiness to continue assisting in processing applications for export licenses for rare earth elements and permanent magnets intended for the EU through the 'green channel' mechanism. In turn, the EU and its member states commit to facilitating the resolution of key licensing cases related to China in the dual-use sector.
Additionally, the parties agreed to explore opportunities for investment cooperation to stimulate their own economic development and discussed prospective interaction. As key trading partners, China and the EU reaffirmed their commitment to the proper resolution of disputes within WTO rules, as well as maintaining the stability and balance of bilateral economic and trade relations.
It was also agreed to hold the third meeting of the consultation mechanism in March of next year and to maintain close communication in the interim, including a ministerial video conference in January of next year. Both sides viewed the second meeting as a new starting point for deepening cooperation between China and the EU and instructed working groups to advance subsequent work, facilitate the early implementation of the achieved results, and prepare for the third meeting of the China-EU trade and investment consultation mechanism.