Hopes high that EU-China joint statement on opening up is more than just words
- Observers say that given pre-summit tensions, the release of a statement and commitment to a timetable for developing a monitoring mechanism is an achievement
- Concessions made by Chinese Premier Li Keqiang evidence of Beijing’s desire to keep EU onside ahead of G20 summit in June, expert says
After overcoming the threat of a walkout by European negotiators, China and the European Union managed to conclude their annual summit in Brussels by agreeing to create a mechanism for monitoring each other’s pledges regarding the opening up of their markets.
In a joint statement issued by Chinese Premier Li Keqiang, European Council President Donald Tusk and European Commission President Jean-Claude Juncker, the two sides said they would “establish a political mechanism to continuously monitor the progress in the negotiations and to report to leaders by the end of the year on the progress made”.
The move is a big step towards the creation of an EU-China Comprehensive Investment Agreement by next year to improve market access and eliminate practices that discriminate against foreign investors.
China agreed that “there should not be forced transfers of technology” – a long-time bugbear for European and other companies that have entered into joint ventures with Chinese partners – while Li reiterated his promise to give EU businesses greater access to China’s markets.
He did not mention specific industries, but the telecoms, education and medical services sectors have been mentioned in the past.