On October 8-9, Minister of Commerce Wang Wentao and European Commissioner for Trade and Economic Security, Interinstitutional Relations and Transparency Maroš Šefčovič co-chaired the second meeting of the China-EU Trade and Investment Consultations (TIC) in Beijing and issued a joint statement. Based on the positioning of “stable and balanced China-EU key trading partners”, the two sides took stock of the progress of consultations under the four workstreams of the mechanism—trade and investment balancing, export controls, intellectual property rights (IPR), and WTO reform—since the first meeting and held reciprocal, professional and constructive discussions on important China-EU economic and trade issues.

The two sides agreed to continue communication and consultation on market access issues and take gradual steps to promote the resolution of respective concerns including medical devices, agri-food products and the funding ban on inverters, so as to promote upward balance in China-EU trade. The two sides agreed to further strengthen the China-EU Export Control Dialogue, continue to enhance policy communication, promote the resolution of respective concerns in specific cases, and investigate the possibility of introducing facilitation measures. The two sides agreed to conduct technical dialogue on the EU’s Foreign Subsidies Regulation (FSR) and continue to strengthen exchanges and cooperation on IPR and WTO reform. The two sides agreed to explore investment and future-oriented cooperation.

Wang Wentao expressed concerns over the EU’s recent economic and trade restrictive measures, reiterating that China is not the root cause of the EU’s problems but a partner in solving them. He urged the EU to move with China in the same direction and, on the premise of complying with WTO rules and accommodating each other’s interests, properly handle frictions and differences through dialogue and consultation. He called for exploring new opportunities and expanding the scope for cooperation, thereby contributing the combined strength of China and the EU to fostering international economic growth and ensuring the security and stability of global industrial and supply chains.

Maroš Šefčovič said that China is an important economic and trade partner of the EU, and that the EU is ready to work with China under the EU-China TIC to strengthen communication and exchanges, manage frictions and differences through dialogue and consultation, jointly find constructive solutions, and promote more balanced and stable development of EU-China economic and trade relations.

Both sides believed that the second TIC meeting is a new starting point for deepening China-EU cooperation. They instructed their working teams to continue to advance follow-up work, work for the early implementation of relevant outcomes and consensus and make preparations for the third meeting of the China-EU TIC. (Released on October 9)