China Becomes EU's Largest Trading Partner

Emphasis on the Need to Ratify China-EU Comprehensive Investment Agreement
Freight Train Operations Between China and Europe Increased by 50% Compared to Previous Year

[Asia Economy Beijing=Special Correspondent Jo Young-shin] China surpassed the United States last year to become the European Union's (EU) largest trading partner.

China's state-run Xinhua News Agency and Global Times cited statistics from Eurostat, the EU's official statistical agency, reporting on the 17th that the EU's trade volume with China reached 566 billion euros (711 billion dollars) last year. Chinese media emphasized that this figure exceeds the EU's trade volume with the United States, which was 555 billion euros.

China-Europe train (Photo by Global Times)

According to Xinhua News Agency, the EU's exports to and imports from China increased by 5.6% and 2.2% respectively compared to the previous year, while imports from and exports to the United States recorded declines of 13.2% and 8.2% respectively.

Xinhua reported that among the EU's top 10 trading partners, China was the only country to achieve positive growth in both directions.

Chui Hongjian, Director of the European Research Institute at the China Institute of International Studies, stated, "Due to the surge in demand for medical equipment and electronic products caused by COVID-19, the EU's trade with China increased," adding, "Freight trains connecting China and Europe played a significant role in the growth of trade," highlighting the significance of the Belt and Road Initiative.

Global Times added that the number of freight train operations between China and Europe last year increased by 50% compared to the previous year, reaching 12,400 trips. It explained that trains became a catalyst for global cooperation amid the pandemic situation.

Chinese media expressed expectations regarding the Comprehensive Agreement on Investment (CAI) between China and the EU, signed at the end of last year, urging EU member states to expedite ratification.

Director Chui said, "China hopes that the ratification of the CAI will be completed in the first half of 2022," and predicted, "Once the CAI comes into effect, it will facilitate EU companies' entry into China and further increase trade between the two sides."

Jang Min, China's Ambassador to the EU, also expressed optimism about the EU's ratification of the CAI, stating, "China's rise as the EU's number one trading partner clearly demonstrates the strength and importance of economic cooperation between the two sides."

Meanwhile, Global Times analyzed that due to the former Trump administration's failure in COVID-19 prevention and its excessive tariff policies, the United States lost its position as the EU's largest trading partner to China.

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