EU trade chief seeks 'tangible outcomes' in China talks
BEIJING: The European Union's top commerce official said that it was crucial to achieve 'tangible outcomes' in talks set to wrap up in China on Friday.
The negotiations follow months of rising tensions between the 27-nation EU and the Asian powerhouse that risk escalating into a full-blown trade war.
"Building on three intensive months of engagement, we're working hard to rebalance EU-China trade," Maros Sefcovic said late on Thursday after meeting Chinese Commerce Minister Wang Wentao in Beijing.
"It's crucial that the first phase of our talks under the Trade and Investment Consultations delivers tangible outcomes," Sefcovic said on X, posting a photo with Wang.
Sefcovic had said earlier on Thursday that the EU's trade deficit with China, running at around one billion euros (US$1.1 billion) a day, was 'unsustainable'.
Cheaper products coming from China have strangled European industry, resulting in tens of thousands of job losses across the continent.
Many in Europe accuse China of unfair trade practices, including supporting firms with huge subsidies, dumping and currency manipulation.
But Europe can ill afford to anger China.
Beijing could throttle the supply of vital items such as rare earth minerals or put up barriers to European exports to China.
The stakes are also high for President Xi Jinping, however, with China heavily reliant on exports to compensate for its weak domestic economy.
The European Parliament's trade committee chair, Bernd Lange, said ahead of Sefcovic's trip that this 'economic crisis in China' gives the bloc 'bargaining power'.
By RSS/AFP
