EU Trade Commissioner Maroš Šefčovič has called for urgent measures to address the significant trade deficit between the European Union and China, which he described as unsustainable. During his visit to China, Šefčovič engaged with representatives of European businesses operating in the region, who are advocating for increased market access and enhanced protection of their economic interests.
The discussions come amid concerns that the EU’s trade deficit with China is surpassing $1 billion daily. Šefčovič is set to hold talks with Chinese Commerce Minister Wang Wentao, where the focus will be on addressing these trade imbalances. A critical topic on the agenda is the potential for the EU to impose restrictions on imports of Chinese hybrid vehicles, as Brussels examines various trade and market access issues.
The visit highlights the EU’s strategic effort to recalibrate its trade relationship with China. European businesses have expressed the need for more equitable trade practices, emphasizing the necessity of breaking down barriers that limit their operational scope in China.
This move by the EU underscores growing concerns over economic dependencies and the need for balanced trade relations to secure the interests of European industries. As negotiations continue, the outcome of these discussions could have significant implications for the future of EU-China economic exchanges.