EU Trade Commissioner Maroš Šefčovič has emphasized the need to address the significant trade imbalance between the European Union and China, which he described as unsustainable. During his visit to China, Šefčovič engaged with representatives of European businesses who are advocating for increased market access and improved protection of their economic interests.
The trade deficit, currently estimated to be surpassing $1 billion daily, is a primary concern for the EU. To tackle this issue, Šefčovič is scheduled to meet with Chinese Commerce Minister Wang Wentao. Their discussions are expected to focus on finding ways to reduce this growing deficit and enhance bilateral trade relations.
In addition to addressing the trade imbalance, another significant topic on the agenda is the potential imposition of restrictions by the EU on imports of Chinese hybrid vehicles. This consideration comes as part of Brussels’ broader examination of trade imbalances and market access challenges faced by European companies in China.
Šefčovič’s visit underscores the EU’s strategic interest in recalibrating its economic relationship with China amid ongoing concerns about the fairness and reciprocity of trade practices. The outcome of these discussions could have substantial implications for future EU-China trade dynamics.