EU pushes China to accept import quotas in bid to rebalance trade
Brussels is pressing Beijing to accept quotas on Chinese exports as negotiations enter their final stretch, with the EU threatening trade measures unless tangible progress is made by next month.
In Brussels and Beijing, trade talks over quotas limiting Chinese imports to the EU market have intensified, as Europe aims to rebalance its relationship with China, according to Euronews. The European Commission set an October deadline for tangible results in negotiations that began last June. However, China is strongly opposed to the EU's attempts to protect its market.
The Commission, representing the 27 EU countries on trade issues, seeks China's acceptance of quotas on specific products. Yet, the feasibility of China respecting such quotas remains uncertain. The Commission has pushed for "voluntary export restrictions" on electric vehicles, but China's trade minister rejected the proposal earlier this month.
If China were to accept restrictions, it would mean voluntarily limiting exports to the EU based on a deal negotiated with the Commission. This would spare the EU from adopting defensive trade measures that could be considered aggressive by China. Technical negotiations are in their final stages as the October deadline looms.
Ditte Juul Jørgensen, the Director General of the Commission's Directorate General for Trade, visited China last week for two days of intense discussions. EU Trade Commissioner Maroš Šefčovič is set to meet with Chinese officials on October 8 and 9, prior to a crucial EU leaders' meeting in Brussels.
While the Commission has delayed the adoption of trade defense mechanisms to shield the EU chemical industry, which is particularly vulnerable to Chinese competition, the threat extends to other sectors. This makes the rebalancing of the trade relationship "existential" for Europe, according to Stéphane Séjourné, the EU Industry and Trade Commissioner. The EU lost 250,000 industrial jobs last year, mainly in energy-intensive sectors and automotive supply chains.
Written by urgent.news from Euronews Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
