EU trade chief seeks ‘tangible outcomes’ in China talks
BEIJING - China and the European Union agreed on Friday to “strengthen” dialogue after talks between their commerce chiefs that sought to calm tensions and prevent a full-blown trade war.
European Union trade chief Maros Sefcovic and China's Wang Wentao held talks on Friday aimed at strengthening dialogue and preventing a trade war between the two nations. The duo reached an understanding on the trade of hybrid vehicles and adhered to procedures concerning company price undertakings, according to Beijing's commerce ministry.
European industry has faced strain from cheaper products from China, particularly in the automotive sector. China also committed to continuing supply of vital items such as rare earth minerals to the EU. The talks followed months of heightened tensions that threatened to escalate into a trade war. Sefcovic emphasized the need for tangible outcomes after the meeting.
The EU's trade deficit with China is unsustainable, with around one billion euros ($1.1 billion) lost daily. Europe has accused China of unfair trade practices including subsidies, price dumping and currency manipulation. Despite the stakes being high for both sides, European companies in China expressed support for addressing the trade imbalance in a proportional and negotiated manner.
Beijing's commitment to supply rare earths provides some relief for European companies grappling with new access rules imposed last year.
Written by urgent.news from Bangkok Post Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- China and EU reach ‘understanding’ on hybrid vehicles after crunch trade talks scmp.com
