EU and China sign new Comprehensive Agreement on Investment

The European Union and China are set to open a new chapter in their relations. Following intensive negotiations carried out by the European Commission on the EU's side, the EU and China concluded in principle the negotiations for a Comprehensive Agreement on Investment (CAI).

The President of the European Commission, Ursula von der Leyen, and the President of the European Council, Charles Michel, announced the deal on Wednesday (30 December) in a video meeting with Chinese President Xi Jinping. German Chancellor Angela Merkel and French President Emmanuel Macron were also called in to meet with Xi during the video meeting.

In a press statement following the meeting, EU leaders welcomed the new agreement as an "important milestone" that would give European companies "unparalleled market access" to China, thus promoting the "level playing field". 

"The agreement we signed today is the result of months of intensive negotiations in which the European Union has shown an unprecedented degree of unity. It is a fair and balanced agreement that fully protects the European Union's fundamental interests and creates stability and predictability for citizens and businesses", said Michel.

As part of the deal, China promises to open up key sectors of its economy to Europe, including electric vehicle manufacturing, telecoms and healthcare. Beijing also agrees to become more transparent about state subsidies to companies. Europe, for its part, underlines the openness of its market. The deal would give European companies 'fairer' access to the Chinese market and improve competitive conditions.

source: commonspace.eu with agencies

Photo: Chinese President Xi Jinping, EU Council President Charles Michel, European Commission President Ursula von der Leyen, French President Emmanuel Macron and the German Chancellor Angela Merkel (AP)

Related articles

Editor's choice
News
Borrell tells the European Parliament that the situation in Afghanistan was critical, but the EU will remain engaged

Borrell tells the European Parliament that the situation in Afghanistan was critical, but the EU will remain engaged

Borrell underlined that the European Union will make every effort to support the peace process and to remain a committed partner to the Afghan people. "Of course, we will have to take into account the evolving situation, but disengagement is not an option.  We are clear on that: there is no alternative to a negotiated political settlement, through inclusive peace talks.
Editor's choice
News
Oman to mediate high level Iran – US nuclear talks in Rome

Oman to mediate high level Iran – US nuclear talks in Rome

The United States and Iran are set to resume high-stakes talks on Saturday 19 April on Tehran's nuclear programme, a week after an initial round of discussions that both sides described as "constructive". Iranian Foreign Minister Abbas Araghchi and US Middle East envoy Steve Witkoff will hold the Oman-mediated talks in Rome. They come one week after the two sides held what Iran called indirect talks in Muscat. Those were the first talks at such a high level between the foes since US President Donald Trump abandoned a landmark nuclear accord in 2018.

Popular

Editor's choice
News
Oman to mediate high level Iran – US nuclear talks in Rome

Oman to mediate high level Iran – US nuclear talks in Rome

The United States and Iran are set to resume high-stakes talks on Saturday 19 April on Tehran's nuclear programme, a week after an initial round of discussions that both sides described as "constructive". Iranian Foreign Minister Abbas Araghchi and US Middle East envoy Steve Witkoff will hold the Oman-mediated talks in Rome. They come one week after the two sides held what Iran called indirect talks in Muscat. Those were the first talks at such a high level between the foes since US President Donald Trump abandoned a landmark nuclear accord in 2018.