Source: China Daily    Published: 2019-4-11

China and the European Union have committed to achieving major progress this year in negotiations for a high-level bilateral investment agreement, with a view to concluding the ambitious accord next year, according to a joint statement.

The two sides pledged to widen market access, eliminate discriminatory requirements for foreign investors and establish a balanced investment protection framework, according to a joint statement issued after the China-EU leaders' meeting held in Brussels, Belgium, on Tuesday.

Premier Li Keqiang, European Council President Donald Tusk and European Commission President Jean-Claude Juncker co-chaired the annual meeting and reached consensus on a wide range of issues, including bilateral relations, global challenges and governance, and foreign and security policy.

They committed to building an economic relationship based on openness, nondiscrimination and fair competition, ensuring a level playing field, transparency and mutual benefit, it added.

Two-way trade between the EU and China surpassed $682 billion last year. The EU is China's biggest trading partner, and China is the EU's second-largest trading partner after the United States.

Li said the common interests of China and the EU far outweigh their differences, and expanding their common interests will help narrow those differences. Li spoke at a joint news conference with Tusk and Juncker after the meeting.

The two sides will continue to strengthen synergies between the EU strategy on Connecting Europe and Asia, the EU's Trans-European Transport Networks and the China-proposed Belt and Road Initiative, the statement said, adding they welcome further exchanges in 5G networks and technological cooperation between their business communities.

During the meeting, the EU and China also reaffirmed their commitment to multilateralism and respect for international law and for fundamental norms governing international relations with the United Nations at its center, according to the statement.

They said they firmly support the rules-based multilateral trading system with the World Trade Organization at its core and commit to fighting unilateralism and protectionism.

The Chinese and EU leaders also worked on coordinating their positions on regional and international hot spot issues such as the Iran nuclear issue, the Korean Peninsula nuclear issue and the Venezuela situation.

Foreign Ministry spokesman Lu Kang said on Wednesday that the joint statement demonstrates that dialogue and consultations can help resolve differences between China and the EU.

It displays the high level of the China-EU comprehensive strategic partnership, the unity and cooperation between the two sides as well as the spirit of win-win and mutual benefit, Lu said at a regular news conference.

Bernard Dewit, the chairman of the Belgian-Chinese Chamber of Commerce, said EU-China industrial and trade relations will increase following the meeting, and China has made great efforts to open its market to European companies.

"China's new Foreign Investment Law, which has just been (approved), will greatly reassure European investors of the commitment of the Chinese government to further protect foreign investments in China," he said.

Wang Yiwei, a professor of international relations at Renmin University of China, said in an article published in the People's Daily Overseas Edition on Wednesday that the Chinese and EU leaders' strategic communication on issues will help foster new areas for bilateral cooperation.

Wang Yiwei is a senior fellow of Chongyang Institute for Financial Studies at Renmin University of China.