BEIJING, Oct. 10 (Xinhua) -- China and the European Union (EU) have reaffirmed their commitment to maintaining stable and balanced trade ties as key trading partners after a meeting of the China-EU trade and investment consultation mechanism, an official with China's commerce ministry said Saturday.
Chinese Minister of Commerce Wang Wentao and European Commissioner for Trade and Economic Security Maros Sefcovic jointly chaired the second meeting of the consultation mechanism from Thursday to Friday in Beijing.
The two sides confirmed that they would address trade and economic differences and each other's concerns in a balanced manner within the framework of World Trade Organization (WTO) rules, explore ways to deepen mutually beneficial cooperation, and promote balanced growth and further development in China-EU trade.
Both sides agreed the consultation mechanism had been operating smoothly and efficiently, and that "the successful convening of its second meeting marked a new beginning rather than an end," said the official.
The outcomes agreed upon at the meeting demonstrated that China and the EU had both the willingness and the wisdom to manage and properly resolve differences through dialogue and consultation, effectively preventing tensions from escalating, the official said.
The two sides held intensive consultations in a spirit of mutual respect, equality and mutual benefit, discussing in depth ways to address each other's concerns on an equal footing, expand two-way market access and promote dynamic balance in China-EU trade, covering topics including medical devices, cosmetics, pharmaceuticals, inverters, and agri-food products.
According to the official, the two sides agreed to explore the possibility of reducing tariffs on certain goods within the framework of WTO rules, and hold a technical dialogue on the EU's Foreign Subsidies Regulation.
In-depth discussions were also held on trade in electric and hybrid vehicles, which helped prevent further escalation, effectively safeguarded the actual export interests of Chinese companies and supported the stable development of China-EU trade in hybrid vehicles.
Both sides reaffirmed their commitment to addressing each other's concerns regarding export controls. The EU side will continue to work toward making progress in resolving key licensing cases involving China in the dual-use sector, said the official.
They agreed that China and the EU have significant potential for cooperation in new energy, artificial intelligence, trade in services, the digital economy, and green and low-carbon development, and that they could further explore new opportunities and expand areas of cooperation.
China will continue to welcome EU companies investing and doing business in China and to improve its business environment, said the official.
China also expects the EU to provide Chinese companies with a fair, transparent and predictable business environment, effectively protect their legitimate rights and interests, and strengthen their confidence and expectations regarding investment and business operations in the EU.
Looking ahead, the two sides will step up efforts on key trade and economic issues of mutual concern and work together to implement the outcomes and agreements reached at the meeting, said the official.
They also agreed to hold the third meeting of the mechanism in March 2027. In the meantime, they will maintain close communication at all levels, including through a ministerial-level video conference next January.
It was agreed that stable and healthy China-EU economic and trade relations serve their shared interests and also inject certainty and positive momentum into global economic growth and the stability of industrial and supply chains, said the official. ■
