China and European Union Conclude Second Trade and Investment Consultation Meeting

According to a report from the People Daily, China and the European Union held their second regular meeting of the trade and investment consultation mechanism in Beijing. Minister of Commerce Wang Wentao and European Commission Executive Vice President Sefcovic co-chaired the event, engaging in productive discussions that produced a consensus list. The consensus list includes sixteen specific outcomes covering trade balance, export controls, and intellectual property. Both sides discussed lowering tariffs under World Trade Organization rules, reached an understanding on hybrid vehicle trade, and agreed to continue technical dialogues regarding foreign subsidy regulations while facilitating export licensing for rare earth materials. Both parties reaffirmed their status as key trade partners committed to stabilizing bilateral economic relations within the World Trade Organization framework. They agreed to resolve differences appropriately to ensure more balanced trade. The next regular meeting is scheduled for March, with additional ministerial video conferences planned to maintain close communication. The participants characterized this second meeting as a new starting point for deepening cooperation between China and the European Union. Working teams have been tasked with advancing follow-up efforts to ensure the consensus outcomes are implemented effectively, thereby preparing the necessary groundwork for the upcoming third regular consultation meeting session.