Brussels, 01/10/2013 (Agence Europe) - The Commission and the Chinese government would like to officially open negotiations at the next EU-China summit, possibly in November.
Like Trade Commissioner Karel de Gucht (see EUROPE 10924), China is keen to begin talks on a bilateral investment agreement to consolidate in one single text all the existing bilateral investment treaties between EU member states and China and to provide a boost to investment flows between the two.
The desired agreement seeks to remove obstacles to the respective markets and to improve the legal protection for investment and intellectual property rights. While trade in goods between the EU and China is huge (€435 billion in 2012), investment flows remain below their potential. EU foreign direct investment (FDI) in China totalled €17.5 billion in 2011(2% of its total FDI), while China's FDI in the EU amounted to €2.8 billion (1% of FDI coming into the EU).
“We're prepared, but we're still waiting for the European Union to say it is ready to talk. We have not agreed on timing, although both sides are committed to moving as soon as possible”, a Chinese diplomat is quoted as saying by China Daily on 28 September.
The Commission is awaiting the go-ahead from the Council when EU trade ministers meet in Luxembourg on 18 October. It is hoped to begin negotiations officially at the next EU-China summit, which could take place in China in November.
A year after the September 2012 summit, which brought relations with former Chinese Prime Minister Wen Jiabao to an end, this summit will give Presidents Herman Van Rompuy of the European Council and José Manuel Barroso of the Commission the opportunity to meet his successor Li Keqiang. (EH/transl.fl)