China said talks with the European Union on a bilateral investment agreement are in the final stages, citing progress among negotiators as they push for an agreement before a final deadline.
“Negotiations are now in the final stages,” Chinese Foreign Ministry spokesman Wang Wenbin said at a briefing in Beijing on Friday. “I always believe that both parties can take care of each other’s concerns and walk towards between us, we will be able to achieve the goals set by our leaders. “
Earlier, the South China Morning Post reported that the two sides have reached an agreement “in principle” after receiving support from German Chancellor Angela Merkel and French President Emmanuel Macron. Germany has said the deal will be discussed on Friday between the 27 representatives of the EU bloc, according to the report.
The agreement, known as Comprehensive investment agreement: has the potential to reshape economic ties between China and the EU, even if political divisions remain. Last year, bilateral trade exceeded $ 650 billion and the new agreement aims to take advantage of it.
On Thursday, Chinese Commerce Ministry spokesman Gao Feng regularly reported that the two sides had held consultations focused on the rest of the issues and had made “significant progress.” “Both teams will continue to work hard to achieve the negotiation goals set by the leaders of both sides,” he said.
The agreement would be the second significant bilateral economic agreement between the EU and China this year after agreeing on geographical indications in July 2020, according to Joerg Wuttke, president of the European Union Chamber of Commerce in China.
“The CAI should increase the access of European companies to the fastest growing market in the world and provide a framework that allows them to compete on an equal footing and ensure the same for Chinese companies in their larger market,” the EU, “Wuttke said earlier this week.
While the agreement represents a diplomatic victory for both parties, Beijing will especially welcome it, as it offers the possibility of reactivating ties with the EU that have cooled more and more in recent years.
Brussels has become more vocal criticism of China on a number of issues, from alleged human rights violations in the Muslim region of Xinjiang, mainly, to its growing militarization of the South China Sea. The EU has also expressed concern over a new national security law in Hong Kong that would reduce freedoms in the former British territory.
Reaching an agreement was not easy. The talks that began in 2013 have been elaborated on provisions to open the Chinese market and eliminate what the EU considered discriminatory practices.
The EU had also been seeking China’s commitments on sustainable development issues, including labor issues, an area that had become a major obstacle to concluding the agreement.
– With the assistance of Colum Murphy, Lin Zhu, Jing Li and James Mayger