EU, China set October deadline for trade talks

Investing.com -- The European Union and China agreed Monday to an October deadline for progress on trade disagreements, as the two economic powers attempt to address tensions in their economic relationship.

"Not everything will be solved, not everything will be fixed, but we think that between now and October, our teams have sufficient time to deliver the tangible results," EU trade chief Maros Sefcovic told reporters in Brussels after meeting with Chinese Commerce Minister Wang Wentao.

The two sides will work to address issues affecting EU-China economic relations, including a growing trade deficit as subsidized Chinese goods enter the European market. Officials will also examine Chinese export controls, which have limited Europe's access to essential supplies, along with intellectual property rights and World Trade Organization reforms.

The EU and China will create a joint platform to monitor trade flows and identify sudden surges as part of the effort.

"This trend is not sustainable, and the status quo is not an option," Sefcovic said, noting that Monday's joint statement with China was the first of its kind since 2019. "The EU remains open for business, but we need to defend our industrial base and keep pushing for a level playing field globally."

The EU's trade deficit with China reached €360 billion ($410 billion) last year, with all 27 member states experiencing the imbalance. Brussels is concerned that Beijing has developed leverage over European firms, which depend on Chinese supplies like semiconductors and rare earth minerals.

The October deadline aligns with the next EU leaders summit on October 15.

Over the weekend, German Economy Minister Katherina Reiche met with Wang following a May visit to China. The German Economy Ministry said Reiche told Wang she wanted closer cooperation with Beijing, but that open markets require a level playing field.

You May Also Be Interested In

• Jones Trading Starts Alterity Therapeutics (ATHE) at Buy
• Lemonade expands renters insurance to Mississippi
• Radoff-Jumana Group pushes for board change at Genesco