Wang Yi, Chinese Foreign Minister, "Expecting Agreement on EU Investment Agreement"

The King and the Chinese Foreign Minister
Photo by Yonhap News

[Asia Economy Reporter Onyu Lim] Wang Yi, China's State Councilor and Foreign Minister in charge of diplomacy, said he "expects an agreement" regarding the investment agreement negotiations between China and the European Union (EU), which have been ongoing for seven years.

According to Chinese media including Xinhua News Agency and the South China Morning Post (SCMP) on the 22nd, Wang made these remarks during a meeting with the EU member state delegation stationed in China in Beijing the previous day.

Both sides have set the end of this year as the deadline for an agreement and have been negotiating accordingly. This month, it is reported that China conceded market access in sectors such as telecommunications, finance, and electric vehicles in exchange for gaining access to the European energy market, leading both sides to reach a principled agreement.

However, there are concerns that if China does not declare adherence to the International Labour Organization (ILO) standards regarding the forced labor issue of the Uyghur ethnic group, the EU Parliament may face political difficulties in passing the investment agreement.

SCMP noted that Wang is the first among senior Chinese officials to emphasize the possibility of an agreement soon, highlighting the significance of his statement.

At the same meeting, Wang also said, "This year marks the 45th anniversary of diplomatic relations between the two sides. Bilateral relations have overcome the impact of the novel coronavirus disease (COVID-19) and made significant progress," adding, "China has become the EU's largest trading partner for the first time this year."

He further stated, "Between China and Europe, cooperation is much more important than competition, and common understanding outweighs differences," and added, "The two sides are mutually beneficial cooperative partners, and bilateral relations have strong vitality."

Nicholas Chapuis, the EU Ambassador to China, mentioned the goal of concluding negotiations within this year and said that both sides are continuing contacts to resolve remaining issues.

SCMP also reported that the EU side raised concerns about human rights, climate change, and China's COVID-19 response, as well as issues regarding press freedom and information control within China.

This content was produced with the assistance of AI translation services.