EU Trade Commissioner Maroš Šefčovič has emphasized the urgent need to tackle the European Union’s substantial trade deficit with China, which he described as unsustainable. This call to action came during Šefčovič’s visit to China, where he engaged with representatives of European businesses operating within the country.
Šefčovič’s discussions are centered around granting European companies better access to the Chinese market and ensuring stronger protection for their economic interests. With the trade deficit estimated to exceed $1 billion per day, the EU is keen on finding a resolution to this growing imbalance.
In addition to these discussions, Šefčovič is set to meet with Chinese Commerce Minister Wang Wentao. The talks are expected to focus not only on the trade deficit but also on potential EU restrictions on imports of Chinese hybrid vehicles. This topic arises as Brussels continues to scrutinize trade imbalances and market access issues.
The visit underscores the EU’s strategic interest in recalibrating its trade relationship with China, seeking more equitable terms that could benefit European businesses while addressing regulatory concerns. As the discussions progress, the outcome could have significant implications for the economic ties between the EU and China.