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China-EU relations: lift sanctions together to free CAI investment deal, Chinese envoy urges bloc
- Fu Cong says debating basis for sanctions would be futile and reviving agreement would be good news for the world economy
- Deal has yet to be ratified more than 2 years after it was reached
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China and the European Union should “lift sanctions simultaneously” to allow a frozen bilateral investment deal to move ahead, according to Beijing’s new ambassador to the EU.
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At an event hosted by the European Policy Centre in Brussels on Wednesday, Fu Cong said the Comprehensive Agreement on Investment (CAI) – an in-principle deal reached in December 2020 between China and the EU – was a result of great flexibility on both sides, and could help the international economy recover.
“We know that the world economy is not going through a very good time, and some European businesspeople have some complaints about the access to the Chinese market,” Fu said.
“But actually, this agreement is just to solve all these concerns, especially given the current circumstances.
“It is so important that when all economies are trying their best to use all leverage to actually raise up the economy. And this useful instrument is laying there in limbo.”
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The CAI was meant to give European firms greater access to China’s market but it has still not been ratified by either side.
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