Brussels, 10/09/2013 (Agence Europe) - The Lithuanian Presidency of the EU Council and the Chinese Ministry of Trade signed an agreement on 9 September which provides for compensation for China in relation to WTO commitments concerning Bulgarian and Romanian trade changes after their EU accessions in 2007, in line with Article 24 of GATT 1994. By way of that agreement, the EU will increase its tariff quotas for garlic, chocolate, mushrooms, confectionery and biscuits made in China.
“This agreement is an example of successful EU-China cooperation. Another important step in EU-China bilateral relations will include negotiations on the EU-China investment agreement, which would open up the Chinese market for EU investments, and ensure their protection and equal competition”, commented the Lithuanian ambassador to the EU, Raimundas Karoblis.
With the agreement, the EU completes negotiations with interested WTO parties on compensation in relation to Bulgaria and Romania's EU accession. Similar agreements have been signed with Argentina, Australia, Brazil, Cuba, New Zealand and the United States. (EH/transl.jl)