China Announces New Trade Agreements Reached with the European Union

Beijing, Oct 9 (KUNA) -- China announced on Friday that it has reached a new set of agreements with the European Union on trade issues, reaffirming both sides’ commitment to appropriately resolve their differences within the framework of World Trade Organization rules, thereby preserving the stability of bilateral economic relations and making them more balanced.

China Central Television (CCTV) reported that this came during “productive” talks between Chinese Commerce Minister Wang Wentao and European Commissioner for Trade and Economic Security Maroš Šefčovič, held during the second session of the China-Europe Trade Consultation Mechanism in Beijing over the past two days.

The television station noted that the two sides reached an understanding on hybrid car trade and will continue to address the issue of Chinese government subsidies on electric vehicles, as well as discuss the possibility of lowering tariffs on certain goods.

Both sides affirmed their intention to continue dialogue on the conditions for medical devices to enter the markets and on the EU’s foreign subsidy regulation. They also agreed to work together to explore ways to lift restrictions on Chinese imports from some European countries imposed due to the outbreak of bluetongue disease.

Furthermore, the two sides agreed to continue technical exchanges on electronic booking systems and consultations on the regulatory frameworks for cosmetics and pharmaceuticals in each jurisdiction, with a view to advancing the resolution of existing and emerging market access issues.

The two sides reiterated the need to enhance dialogue on export controls. China expressed its readiness to facilitate the review and licensing procedures for exporting rare earth elements and permanent magnets to the EU through a “green channel.” In return, the European side will provide facilitation for processing priority cases concerning export licenses to China for dual-use goods.

On intellectual property rights, the television station said the two sides agreed to continue cooperation to address related issues and set interim goals, focusing on ensuring effective and fair protection of intellectual property rights, law enforcement, and enhanced transparency.

(End) S.L.Q./M.A.A.