EU and China to Exchange Market Access Wishlists
Following the seventh China–EU High-level Economic and Trade Dialogue, the EU and China will accelerate negotiations on the bilateral investment agreement and set up a EU–China working group on WTO reform.
The EU and China will exchange market access wishlists at the upcoming 20th EU–China Summit, reports Zhang Wenyang Economic Observer correspondent, taking a meaningful step towards finalizing the EU–China bilateral investment agreement.
The exchange could accelerate the process of negotiation for the investment agreement, contends Cui Fan China Society for WTO Studies Research Department director.
Jean-Luc Demarty Europen Commission director-general for trade stresses the importance of China ensuring full access to investment opportunities, as is the EU policy towards China. However, Cui contends that China’s wishlist will only represent its decided autonomous open areas, making some investment policies inapplicable to countries unfriendly to Chinese investment.
China may further open its financial markets to attract EU investment, says Xu Miaojie Peking University National School of Development vice president. The EU will in return be expected to allow greenfield investment and acquisitions.
Trade protectionism and unilateralism may, contends Jyrki Katainen, lead to the redundancy of some multilateral mechanisms. In this context, the EU–China working group on WTO reform reflects the common interests, argues Cui, and is also a communication mechanism for China and the EU to resolve disputes.
More imports from the EU can offset the impact on Chinese citizens’ real incomes of high US tariffs, says Xu, and are key to ensuring China’s position in the trade war.
Source from: EEO