EU and China Agree to Boost Cooperation; Resolve Trade Disputes Mutually

The meeting between Chinese premiers and EU leaders, held in Brussels on Thursday, saw positive outcomes. The world eyes were glued on to the meeting in anticipation of approach taken to resolve common trade and economical issues. Though the trade between world’s second largest economy, China, and the biggest trade market, EU, multiplied by four times in the last decade and touched USD 567.2 billion in 2011, many outstanding trade disputes have loomed over. 

The latest of the dispute was regarding European Commission’s anti-dumping investigation on solar panels imported from China. During the meet, Chinese Premier Wen Jibabao stated China’s willingness to work in coordination with EU to strengthen the bilateral ties strategically into an international cooperation model for 21st century. The 8th China-EU Business summit was attended by Jose Manuel Barroso, President European Commission and Herman Van Rompuy, President European Council. 

Wen also emphasized on importance of the trade ties between the two economies as most important in the world, and described it as point of strategic focus for China’s foreign policy. EU has been the leading trade alliance for China for the past consecutive eight years, while China has become the second largest trade partner for EU. China’s technology imports from EU aggregated to USD 150 billion, making EU bloc the largest source.

China also insisted on being a responsible investor in EU and pledged its commitment to help resolve the regional debt crisis through strategic and long term measures. Wen expressed the China’s willingness to resolve trade issues through negotiations and mutual agreements with future orientation. Wen is in Brussels for an official visit and to attend the 15th China-EU summit.