08 abr 2019
21st EU-China Summit

BUSINESSEUROPE: “COMMERCIAL BARRIERS CONTINUE TO PREVENT EUROPEAN COMPANIES FROM TAKING ADVANTAGE OF OPPORTUNITIES IN CHINA”

On April 9, the President of the European Council, Donald Tusk, and the President of the European Commission, Jean-Claude Juncker, will meet with Chinese Premier, Li Keqiang, within the context of the 21st EU-China Summit

In this regard, Pierre Gattaz, the president of BusinessEurope, noted that “trade and investment barriers continue to prevent European companies from taking full advantage of business opportunities in China. It’s time to take specific steps to conclude negotiations, which have been going on for the past 6 years, on the Global Agreement on Investments.  Our companies cannot wait such a long time for an agreement ".

Pierre Gattaz
Pierre Gattaz — ©BusinessEurope

In recent years, Chinese investment flows in the EU have far exceeded European investment flows in China. In 2017, China invested €29.1 billion in the EU, while the EU only invested a quarter of that amount (€6.9 billion) in China.

"We need a more balanced and reciprocal economic relationship by reducing barriers to access the market, eliminating the requirement for joint ventures and fully protecting foreign investment, including strict protection of intellectual property," says Gattaz.

In addition, BusinessEurope, encourages the EU and China to cooperate in order to combat protectionism and strengthen a multilateral trading system based on standards by reforming the WTO. The efforts to reform the WTO should focus on updating the decision-making process and solving problems related to industrial subsidies and the distorting effects on the market caused by state-owned enterprises.

To this end, "it is essential that all WTO members, including China, assume responsibilities according to their real economic situation and level of development," said BusinessEurope.

"China is now the second largest economy in the world, and with size comes responsibility. China has benefited extensively from the global trading system.  Now is the time for China to actively contribute to the multilateral trading system in accordance to its level of development. "In addition to constructively participating in the reform of the WTO, China must now take the necessary steps to join the WTO’s Government Procurement Agreement," concluded Gattaz.