China and the EU have agreed on a new defining orientation for their economic and trade relations: stable and balanced key trading partners, He Yadong, spokesperson of China's Ministry of Commerce said at a press conference on July 2.
The consensus was reached during the first meeting of the China-EU Trade and Investment Consultation Mechanism held in Brussels on June 29 between China's Minister of Commerce Wang Wentao and European Commissioner for Trade and Economic Security and Interinstitutional Relations and Transparency Maroš Šefčovič.
The mechanism was established for four workstreams, including trade and investment balancing, export controls, intellectual property rights and WTO reform.
The two sides agreed to establish a joint monitoring mechanism to exchange relevant data, monitor trade flows and support technical work to improve transparency, enhance mutual trust and manage trade frictions.
They agreed that increased market access measures and initiatives can contribute to the balancing of the trade relationship. They also took note of the positive results of the China- EU export control dialogue regarding rare earth elements and other critical materials.
China's Foreign Ministry spokesperson Guo Jiakun said at a press briefing on June 30 that China and the EU are partners, not rivals, and cooperation is win-win in nature.
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