China, EU reach deal to 'moderate' China's car exports to EU
An agreement between the EU and China would reduce exports of Chinese electric and plug-in hybrid cars to the 27-member European bloc by up to 50%, according to the EU trade envoy.
European Trade Commissioner Maros Sefcovic announced on Friday that China and the European Union have reached a deal to moderate China's car exports to the EU, potentially cutting them by more than half over a four-year period. This agreement, the result of two-day talks in Beijing, comes after three months of intensive negotiations aimed at reducing the EU's growing trade deficit with China.
In addition to the car exports deal, the two sides also agreed to reduce Chinese import duties on €4 billion worth of EU exports, including car parts, olive oil, and footwear, and to simplify China's process for granting export licenses for rare earths and permanent magnets.
Brief written by urgent.news from DW News's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
