Fact sheets, Vietnamese trade in your city, texts of agreements, stories of exporters 1. The two sides shall exchange information on any problems related to their trade and shall open friendly consultations with a view to promoting trade with a view to finding mutually satisfactory solutions to such problems. Each of the two Parties shall ensure that no action is taken prior to the consultations. examine all proposals of the other Party, in particular within the Joint Committee, in order to facilitate exchanges between them. benefits granted by a Party to States which, with it, are members of a customs union or free trade area; Within the framework of their respective competences and with the main aim of promoting the development of industry and agriculture in the European Economic Community and the People`s Republic of China, diversifying their economic relations, promoting scientific and technological progress, opening up new sources of supply and new markets, contributing to the development of their economies and raising their respective standard of living, The two sides agree to develop economic cooperation in all areas covered by a joint agreement, in particular: the SSTL project was launched in 2006 as a pilot project between the European Union and China as the first Asian country. The participating EU Member States at the time were the Netherlands and the United Kingdom. From 2010 (the date of the launch of the second phase of the project), other EU Member States joined: Belgium, France, Germany, Italy, Poland and Spain. This project tests the security recommendations of the World Customs Organization`s Container Framework of Standards, facilitating Customs data exchange, risk management cooperation, mutual recognition of customs controls and trade partnership programmes. The 120 trade routes involving 200 economic operators between 16 seaports will undoubtedly facilitate trade between China and EU participating countries, as the loading and unloading of containers requires less customs controls and interventions.
The CAI still needs to receive the approval of the European Council and the European Parliament after its signature scheduled for 2022. The European Union looks forward to this phased approach to cooperation with China, underpinned by transparency provisions, consultations and working groups, as well as a mechanism for the settlement of disputes between States. At a time when some in the US are calling for a “decoupling” between China and developed countries, Europe has pointed to a different path for the future. But implementation will be a challenge and the European Union, despite all its strengthened instruments, will not be able to embark on this path alone. Moreover, if Europe chooses to achieve greater economic integration with China, it risks becoming entangled in the power politics that can accompany deeper ties with Beijing. The CAI aims to protect investors in China from forced technology transfers. For domestic subsidies, China is required to provide more information on government support programs, including subsidies for services. However, the agreement does not update the WTO definition of subsidies and subsidies are not countervailable under the CAI dispute settlement mechanism. By excluding the behaviour of state-owned enterprises, the agreement improves the definition of covered enterprises that are required to act in accordance with commercial considerations and to avoid discrimination against EU investors in the purchase and sale of goods and services. The European Commission reports annually on the implementation of its main trade agreements during the previous calendar year. In 2016, bilateral trade in goods between the EU and China amounted to €514.8 billion.
[25] Machinery and transport equipment dominate both exports and imports. China`s five largest exports are computers, radios, phones, office machine parts and integrated circuits. China`s top five imports are crude oil, integrated circuits, iron ore, gold and cars. As regards EU imports of AMA/NAMA product groups, the share devoted to industrial products amounts to €343.725 million and receives an impressive 98.1% (out of a total of €350.535 million). The same goes for exports to China, where industrial products occupy the first place on the list and represent 159,620 million euros (93.7% of the total volume of exports). However, economic cooperation continued with the EU`s “New Asia Strategy”, the first Asia-Europe meeting in 1996, the EU-China Summit in 1998 and frequent political documents calling for closer partnerships with China. Although the Asian financial crisis of 1997 dampened investor enthusiasm, China weathered the crisis well and continued to be a major focus of EU trade. Chinese leaders sought to arouse European interest and made high-level visits in the 1990s, accompanied by significant EU sales to China. Trade increased by 63% in 1993 compared with the previous year.
At that time, China became Europe`s fourth largest trading partner. Even after the 1997 financial crisis, EU-China trade increased by 15% in 1998. [13] No sooner had the European Union concluded a long-negotiated investment deal with China at the end of last year than criticism arose. Some concerns are well-founded. Europe is taking a risk by moving forward while the Us and Europe have not yet developed a unified approach to Beijing. For China, this is clearly a smart decision. But the agreement, known as the Comprehensive Agreement on Investment (ICA), can pave the way for more structured engagement and agreed rules between China and the rest of the world, especially if it leads to broader cooperation under the aegis of the World Trade Organization (WTO). Trade in services plays an important role in all modern economies. A resilient tertiary services sector and increased availability of services can boost economic growth and boost industrial performance.
In an increasingly localized world, services such as finance, insurance, transportation, logistics and communications provide important intermediary services, providing crucial support to the rest of the economy. The European Union, which represents its 28 member states, and China are both members of the World Trade Organization (WTO) and are participating in ongoing discussions on the Trade in Services Agreement (TiSA). The volume of trade in services of all participating countries represents 70% of the total world volume. TiSA is an important tool for increasing the share of trade in services by removing existing barriers. GBA provides new opportunities for service providers while promoting growth, jobs and prosperity among all participating members. According to the latest statistical information from eurostat, the EU`s balance of services with China in 2015 showed a surplus of €10.3 billion (exports reached €36 billion, while imports reached €25.7 billion) due to an increase in exports). The two Contracting Parties shall encourage, according to their needs and within the limits of their possibilities, the application of the various forms of industrial and technical cooperation for the benefit of their undertakings or organizations. .
