China-EU leaders jointly announced on December 30 that the negotiations on the China-EU investment agreement will be completed on schedule. The Chinese Chamber of Commerce of the European Union said that it believes that the agreement will inject confidence and momentum into global economic development.
In a statement released on the same day, the Chinese Chamber of Commerce of the European Union said that China and the EU will complete the negotiation of a comprehensive, balanced and high-level investment agreement in 2020. This is a generous gift from the two sides for the 45th anniversary of the establishment of diplomatic relations between China and the EU.
It is a milestone for China-EU relations and has a strong political connotation of overcoming difficulties and working together for a win-win situation.
The statement pointed out that the China-EU Investment Agreement will be the first bilateral investment agreement signed by China to include market access.
Its high level is reflected in substantive improvement of market access, the elimination of discriminatory requirements and practices affecting foreign investors, the establishment of a balanced investment protection framework, and the inclusion of investment and sustainable development.
The statement pointed out that the China-EU Investment Agreement will deepen the mutually beneficial and win-win China-EU comprehensive strategic partnership, promote the two sides to improve the level of economy and trade, and provide impetus for China to deepen reform, expand opening up, build an open economy and a “double cycle” pattern.
The timely completion of the agreement negotiations condensed the China-EU consensus, marked a major victory in safeguarding multilateralism and promoting open cooperation, helped promote global investment and economic and trade growth, and contributed China-EU wisdom and China-EU strength at a time when the epidemic was raging and the trend of “protectionism” rose.
The statement called on the two sides to sign and ratify the agreement as soon as possible, and provide a unified legal text for Chinese enterprises to invest in EU member states after the agreement enters into force, so as to promote bilateral investment facilitation and liberalization, and create a more transparent and predictable business and legal environment for Chinese enterprises to invest in Europe.
According to the data of the Chinese Chamber of Commerce of the European Union, by the end of 2019, China had set up more than 3,200 direct investment enterprises in the European Union, covering 27 EU member states and the United Kingdom, employing more than 260,000 foreign employees. In the first three quarters of this year, China became the largest trading partner of the European Union for the first time.