China and the European Union (EU) have agreed to establish the China-EU trade and investment consultation mechanism after the two sides held a meeting in Brussels.

Minister of Commerce Wang Wentao and European Commissioner for Trade and Economic Security and Interinstitutional Relations and Transparency Maros Sefcovic co-chaired the first meeting of the mechanism on Monday.

The two sides identified four initial work-streams under the mechanism, which include trade and investment balancing, export controls, intellectual property rights and World Trade Organization (WTO) reform, according to a joint statement.

During the meeting, the two sides agreed to establish a joint monitoring mechanism to exchange relevant data, monitor trade flows and support technical work with a view to improving transparency, enhancing mutual trust and managing trade frictions.

They agreed that increased market access measures and initiatives can contribute to the balancing of trade relationship. They also discussed possible tariff or non-tariff initiatives to this effect, exchanged lists of market access issues and agreed to continue consultations within the trade and investment balancing workstream with a view to making progress on specific concerns.

The statement said that both sides took note of the positive results of the China-EU export control dialogue regarding rare earth elements and other critical materials and minerals, and intended to strengthen dialogue in this field.

It went on to say that China and the EU underline the necessity of strengthening bilateral cooperation in the WTO, advancing substantive progress on WTO reform, and improving the authority and effectiveness of the WTO. (Xinhua)


Edited by Altis Wong