China and the European Union (EU) reaffirmed their commitment to maintaining stable and balanced trade ties as key partners in goods exchange following the meeting of the China-EU trade and investment consultation mechanism. This was reported by an official representative of China's Ministry of Commerce on Saturday.
The second meeting of this consultation mechanism took place from Thursday to Friday in Beijing and was jointly chaired by China's Minister of Commerce Wang Wentao and the EU Commissioner for Trade and Economic Security, Maroš Šefčovič.
Both sides agreed to resolve trade and economic disagreements and to consider each other's concerns in a balanced manner in accordance with World Trade Organization (WTO) rules. Furthermore, they intend to seek ways to deepen mutually beneficial cooperation and promote balanced growth and further development of trade between China and the EU.
The official representative noted that both sides agreed that the consultation mechanism functioned smoothly and effectively, stating that 'the successful holding of the second meeting marks a new beginning, not an end.'
The results achieved at the meeting demonstrated the willingness and wisdom of China and the EU to manage and properly resolve disagreements through dialogue and consultation, thereby effectively preventing the escalation of tensions. The parties held intensive consultations in the spirit of mutual respect, equality, and mutual benefit, detailing ways to address mutual concerns on equal terms, expanding bilateral market access, and promoting dynamic balance in trade between China and the EU. Topics discussed included medical devices, cosmetics, pharmaceuticals, inverters, and agri-food products.
According to the official representative's statement, the parties agreed to explore the possibility of reducing tariffs on certain goods within WTO rules, as well as conduct a technical dialogue regarding the EU Regulation on external subsidies.
There were also in-depth discussions on the trade of electric vehicles and hybrid cars, which helped prevent further escalation, effectively protected the actual export interests of Chinese companies, and supported the stable development of hybrid car trade between China and the EU.
Both sides affirmed their commitment to resolving issues related to export control. The official representative stated that the EU side will continue to work on progress in resolving key licensing matters related to China in the dual-use sector.
An agreement was reached on the significant potential for cooperation between China and the EU in new energies, artificial intelligence, trade in services, digital economy, as well as green and low-carbon development, and on the possibility of further exploring new directions and expanding areas of cooperation.
The official representative added that China will continue to welcome investments and business operations by EU companies in China and will work to improve the business environment. In turn, China expects the EU to provide Chinese companies with a fair, transparent, and predictable business environment, effectively protect their legitimate rights and interests, and strengthen their confidence and expectations regarding investment and business activities in the EU.
In the future, the parties intend to intensify efforts on key trade and economic issues of mutual interest and work together to implement the results and agreements reached at the meeting. It was also agreed to hold a third meeting of the mechanism in March 2027, while in the interim, the parties will maintain close contact at all levels, including a ministerial-level video conference in January of next year.
The official representative concluded that stable and healthy economic and trade relations between China and the EU serve their common interests and bring confidence and a positive impetus to global economic growth, as well as to the stability of industries and supply chains.