China and the European Union have agreed to exchange information on export controls as part of efforts to dial down tension over trade imbalances and geopolitical issues.
Europe’s trade chief said the relationship was at a “crossroads” and the bloc’s exporters needed better access to the world’s second biggest economy. “Our relationship needs rebalancing to be mutually beneficial, based on transparency, fairness, predictability and reciprocity. I am glad that we made progress in addressing some market access issues,” Valdis Dombrovskis said in a statement.
“We stand at a crossroads,” he said in a speech at Tsinghua University. “We can choose a path towards mutually beneficial relations. One which is based on open, fair trade and investment … Or we can choose a path that slowly moves us apart.” Last year, the bloc’s trade deficit with China hit 396 billion euros , which was “the highest in the history of mankind,” Jorge Toledo, the EU ambassador to China, was quoted by Reuters as saying.
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