-President Xi terms investment treaty as win-win
BEIJING: China and the EU have completed negotiations over an epic bilateral investment agreement, signaling that the top agenda for bilateral economic and trade relations has run its planned course for the world’s top developed economy and the largest developing economy. A comprehensive, balanced and high-level investment deal is expected to be reached soon.
When Chinese President Xi Jinping held a conference via video link on Wednesday night with leaders of Germany and France, President of the European Council Charles Michel and EU President Ursula von der Leyen, the two sides jointly announced that the negotiations on the China-EU bilateral investment agreement have been completed as scheduled.
Xi stressed during the video conference that the “balanced, high-level, and mutually beneficial” pact demonstrates China’s determination and confidence to open up on a high-level, and it will provide broader market access, a better business environment, stronger institutional guarantees and brighter prospects for bilateral cooperation. The BIT will push the post-COVID-19 global economic recovery, promote global trade, investment liberalization and facilitation, enhance the international community’s confidence in economic globalization and free trade so as to contribute to China and the EU’s efforts to build an open global economy, Xi said.
Xi vowed that China and the EU – two of the world’s major powers, civilizations and markets – will enhance mutual trust, properly manage differences and join hands together to kick off a new start in 2021.
The pact shows to the world that even if China and EU have differences on some issues, both sides have the political willingness to enhance dialogue, deepen cooperation and share the benefits based on mutual respect, he said. Long-awaited progress: The hard-won achievement has taken enormous efforts from both sides, especially during the year 2020 when the COVID-19 pandemic battered the whole world. Based on mutual respect, open and practical cooperative attitudes, the talks have been finalized by the end of the year, and follow-up works will be started immediately, including making the legal text of the agreement available for signing, accelerating internal approval processes, promoting the early inking and entry into force of the agreement which will benefit both people and businesses, experts said on Wednesday.
– The Daily Mail-Global Times News exchange item
