EU-China investment agreement must come!
Source：VDMA Service GmbH
The European Union's investment agreement with China must finally be completed. Especially in times of global protectionism, a positive signal is needed for international trade.
Ulrich Ackermann, head of the foreign trade department of the VDMA, commented on the visit of Chinese Foreign Minister Wang Yi to Berlin:
"The European Union's bilateral investment agreement with China, which has been negotiated since 2013, must finally be completed. Especially in times of global protectionism, which has been exacerbated by the Corona pandemic, we need a positive signal for international trade. The investment agreement should not only regulate market access, but should in particular also cover state subsidies. The VDMA supports the EU's goal of reaching an agreement before the end of the current year. However, even after more than 30 rounds of negotiations, the Chinese side has still not made any significant progress. In Europe, criticism of China's stalling tactics is therefore rightly growing.
"Especially in times of global protectionism, which has been exacerbated by the Corona pandemic, we need a positive signal for international trade.
Currently the biggest problem for the German and European capital goods industry is the almost impossible entry into China for business activities. Chinese customers are desperately waiting for fitters and service technicians, and business negotiations are sometimes impossible to conclude. The VDMA therefore appeals to the Chinese side to make business trips to the necessary extent possible again as soon as possible.
As a result of the pandemic, machine exports from Germany to China fell by 8.3 percent in the first half of 2020. After the USA, the country is the world's second most important export market for mechanical engineering in Germany and a location for foreign investment.
Author: VDMA Service GmbH
Editor: Wingsi Zhou
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