China and EU Partner to Update Global Trade Rules

On 26 June 2018, representatives of the European Union (EU) and China met in Beijing for the 7th Annual EU-China High-level Economic and Trade Dialogue (HED).

As an outcome of the meeting, the representatives agreed to work toward helping the World Trade Organization update its rules on the transfer of technology in exchange for market access, industrial subsidies and other trade issues. 

The two parties will create a working group with the described goal of maintaining balance in global trade to address the escalating practice of imposing tariffs.

Jyrki Katainen, EU Commission Vice President for Jobs, Growth Investment and Competitiveness, and Liu He, Chinese Vice-Premier of the State Council, chaired the meeting in Beijing. The two parties also agreed to develop proposals regarding access to their respective markets. They plan to exchange proposals at the EU-China Business Summit which is scheduled to take place in Beijing 12-13 July 2018.

The EU Chamber of Commerce and China Council for the Promotion of International Trade will host the Summit, which is held in conjunction with a political summit which will include leaders including Chinese Premier Li Keqiang and EU Commission President Jean-Claude Juncker.