Premier Li: China wants to seek more balanced trade with EU

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Europe

01:11

Chinese Premier Li Keqiang said on Monday the country wants to seek more balanced trade with the European Union, adding that there is a wide range of areas where China and the EU can cooperate.

Li made the remarks during a joint press conference with European Council President Donald Tusk and European Commission President Jean-Claude Juncker at the 20th China-EU Summit in Beijing.

Given the complicated international situation, it is important for China and the EU to uphold multilateralism and advance the building of the multipolar world, which will contribute to global peace, Premier Li said.

European Council President Donald Tusk, Chinese Premier Li Keqiang and European Commission President Jean-Claude Juncker attend signing ceremony at the Great Hall of the People in Beijing, China, July 16, 2018. /Reuters Photo

He added that China and the EU are ready to communicate and set up a mechanism to protect multilateralism and safeguard free trade.

The Chinese Premier also stressed that China's door of opening-up will open wider.

While Tusk said it is the common duty of the EU as well as China, US and Russia to responsibly improve current rules based on the international order and not to start trade wars or destroy the global trade order.

He believed that "there is still time to prevent conflict and chaos" amid global trade tension.

European Council President Donald Tusk attends a joint press conference at the Great Hall of the People on July 16, 2018, in Beijing, China. /VCG Photo

Juncker pointed out that "in today's world, (the EU-China) partnership is more important than ever before."

China knows how to open up its economy and could do so if it wishes, he added.

Ahead of the press conference, Premier Li and the two EU leaders held a small meeting this morning and discussed major issues of mutual interest.

During the meeting, Li told them that China needs to advance investment treaty negotiations with the EU and both should share the objective of concluding agreements at an early date.

President of the European Commission Jean-Claude Juncker speaks during a press conference at the Great Hall of the People in Beijing on July 16, 2018. /VCG Photo

Kerry Brown, a professor from King's College London, sees the opportunity for cooperation between China and the EU amid US' trade wars as the EU is aligned with China on protecting the global free trade system.

"So I suppose we have the opportunity now to really say to China that it is fundamental belief about global system that we need to support because America was once a big supporter but now more and more under Trump attacking the system," he said.

He added, "We have an opportunity to rethink the commitment to the global free trade system. China is [in] alliance with us, with Europeans on that, is really a kind of fresh opportunity."

Joint statement

China and the EU also released a joint statement to announce their joint commitments to advocate multilateralism, safeguard the international order, and promote world peace, stability and development during the annual China-EU leaders meeting.

- On Trade

The statement said that the two sides recognized the importance of open, transparent and non-discriminatory procurement procedures.

Chinese Premier Li Keqiang holds talks with European Council President Donald Tusk, and European Commission President Jean-Claude Juncker in Beijing, China, July 16, 2018. /Gov.cn Photo

China and the EU exchanged market access offers for a bilateral investment agreement currently under negotiation, with both sides calling the proposed treaty a top priority in relations.

The EU also took note of China's recent commitments to improve market access and intellectual property rights, the statement said.

- On Belt and Road Initiative

The two sides will also foster synergy between the China's Belt and Road Initiative and Trans-European Transport Network (TEN-T) and its extension to the Western Balkans as well as relevant neighborhood initiatives.

Through "hard connectivity" like compatible air and sea cargo transport and "soft connectivity" like digital networks, both sides will emphasize the EU-China connectivity in diverse fields.

Meanwhile, China and the EU agreed that cooperation should obey international rules and norms, respective international responsibilities as well as the laws and policies of the beneficiary countries.

- On Iran nuclear deal

The statement stressed that China and the EU still believed that the 2015 Iran nuclear deal is the key to the global nuclear nonproliferation system and is an important diplomatic achievement approved by the UN Security Council.

As the International Atomic Energy Agency has once again confirmed that Iran has fulfilled their related nuclear commitments, two sides reiterated that they will maintain the deal.

Chinese and European officials exchange documents during a signing ceremony attended by Chinese Premier Li Keqiang, European Council President Donald Tusk, and European Commission President Jean-Claude Juncker at the Great Hall of the People in Beijing, China, July 16, 2018. /VCG Photo

- On climate change

China and the EU also reaffirmed their commitment to the Paris climate change pact and called other signatories to do the same.

The joint statement pointed out that taking action against rising global temperatures has become more important than ever, and China and the EU will work closely together to promote an effective solution to the problem of aviation and shipping emissions and in carbon emissions trading.

Both sides remained committed to creating a mechanism to transfer 100 billion US dollars a year from richer to poorer nations to help them adapt to climate change.