During high-level economic meetings in Beijing on Monday, Chinese and EU authorities said their economies were in need of efforts to reinforce a rules-based international trading system amid US protectionism.
China and the European Union have vowed to coordinate their efforts to oppose protectionism in trade by strengthening the World Trade Organization (WTO).
The agreement between China and the EU to oppose the US trade policy comes despite major differences on China’s trade practices, which the Europeans view as detrimental to their industries.
The EU shares concerns with Washington about China’s state subsidies to industry and forced technology transfer.
European Commission Vice President Jyrki Katainen said after meeting Chinese Vice Premier Liu He, that the two sides would form a working group to modernize the organization.
The WTO provides the basic infrastructure for rules-based trade and rules-based world order, China and the EU share similar concerns about moves by the USA to impose tariffs on key imports, including on metals.
Trump has justified his tariffs on steel and aluminum, saying the increasing imports are basically caused by overproduction in China. The EU and China committed to defend the multilateral trading system that is centered on the WTO and based on rules.
The agreement between China and the EU to oppose the US trade policy comes despite major differences on China’s trade practices, which the Europeans view as detrimental to their industries.
The EU shares concerns with Washington about China’s state subsidies to industry and forced technology transfer.
PressTV.com / ABC Flash Point Trade News 2018.
