SCIO briefing on speeding up high-quality development of commerce and serving the building of the new development paradigm
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E-mail China.org.cn, February 26, 2021
International Business Daily:
China and the EU have substantively concluded the negotiations on the Comprehensive Agreement on Investment (CAI), so when will the agreement be signed? How do you see the future development of China-EU economic and trade relations? Thank you.
Wang Wentao:
China-EU relations enjoy a solid foundation, close high-level exchanges, and fruitful economic and trade outcomes. Last year, Chinese President Xi Jinping had 23 online meetings and phone calls with leaders of the EU and European countries. In February, President Xi chaired the Summit of China and Central and Eastern European Countries (CEECs) via video link. Last year, Chinese Premier Li Keqiang co-hosted the 22nd China-EU leaders' meeting via video link. High-level interactions between China and the EU have increased mutual trust, laid a sound foundation, and indicated the direction for further development of China-EU economic and trade relations.
China-EU economic and trade relations are very close, and showed great resilience and potential amid the COVID-19 pandemic in 2020. Bilateral trade volume rose by 4.9% to $649.5 billion, making China the EU's largest trading partner for the first time. The investment confidence of both sides remains undiminished. The EU's direct investment in China reached $5.7 billion, while China's direct investment in the EU reached $4.7 billion. Last year, China and the EU also signed a geographical indications agreement, which will take effect this year on March 1.
As you mentioned, the negotiations on the Comprehensive Agreement on Investment concluded last year as scheduled. This is a landmark in China-EU economic and trade relations. The investment agreement is a high-level, balanced, mutually beneficial and win-win agreement, and provides many investment opportunities for enterprises of both sides. Creating a better business environment will be beneficial not only to China and the EU, but also to the recovery and growth of the world economy. At present, we are carrying out relevant work including text reviewing and translating, and striving to sign it as soon as possible based on established procedures.
I would like to emphasize again that China and the EU are partners rather than opponents; cooperation between the two sides is far greater than competition. We should expand common interests through cooperation, and solve problems during development. China is willing to strengthen cooperation with the EU in fighting COVID-19, promote pragmatic cooperation in the fields including economy and trade, , green development and digital economy, and maintain the stability of the global industrial chain and supply chain, so as to contribute to the recovery and growth of the global economy in the post-pandemic era. Thank you.
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