Last chance saloon: EU presses China for a sign to prove trade talks can work
The European Union’s top trade mandarins depart for Beijing on Wednesday for two days of intensive negotiations but expectations in Brussels are measured as to what the talks will deliver. Maros Sefcovic, the EU’s trade chief, will meet his Chinese counterpart Wang Wentao on Thursday and Friday – three months after their last encounter in Brussels, when the Europeans set an October deadline for…
European Union trade officials are set to travel to Beijing on Wednesday for two days of crucial negotiations to determine if China is willing to make significant changes to the trading relationship. The talks, led by EU Trade Chief Maros Sefcovic and Chinese counterpart Wang Wentao, come three months after their last meeting, when the EU set an October deadline for signs of a change.
Despite ongoing disagreements over the trade imbalance, Beijing is reportedly acknowledging there are issues in the relationship. The EU hopes a "proof of concept" agreement to moderate China's exports in one sector could lead to further reforms. However, any progress is unlikely to deter the EU from taking further action later this year, as it believes China's state capitalism and subsidised competition is harming European manufacturing.
The EU has also formed a closer alliance with France and Germany, who recently called for a new trade weapon that could immediately cut China out of the European market if needed.
Written by urgent.news from Reuters Business via SCMP's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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