EU business group doubts investment pact conclusion

World | 23 Jun 2020 5:50 pm

The president of the European Union Chamber of Commerce in China said today that he doubts a long-awaited China-EU investment agreement will be finished this year.

Joerg Wuttke told reporters during a briefing that he was disappointed the latest high-level EU-China meetings, which were held on Monday, did not lead to a joint communique, adding that he was concerned China is drifting towards isolation.

“The fact that both parties didn’t feel like reporting what has been agreed upon is an indicator that there was very little to agree upon,” said Wuttke.

“I don’t see any conclusion this year.”

The 27-nation EU and China have both said they hope to conclude negotiations on the Comprehensive Agreement on Investment in 2020, after six years of talks.

EU officials say they want to see movement in areas such as autos, biotech and micro-electronics and see Beijing limit subsidies for state-run companies.

Meeting halfway with Chinese negotiators is impossible as Europe is already far more open than China, said Wuttke.

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