Concluded investment deal would help EU, China further tap trade potential: EU business leader

A concluded Comprehensive Agreement on Investment (CAI) would further cement economic ties between the European Union (EU) and China for the benefit of both sides, said an EU business leader.

The EU and China together account for nearly a third of the world's GDP, yet their trade potential is not completely tapped, Joerg Wuttke, president of the EU Chamber of Commerce in China, said in an email interview with Xinhua.

The CAI would utilize the considerable force for growth and recovery, he added.

China and the EU launched the negotiations in 2014, and have expressed their intention to conclude the process in 2020. During a virtual meeting between leaders of China and the EU via video link this month, both sides look forward to concluding a comprehensive, balanced and high-level agreement on investment.

If a more level playing field and open markets between the EU and China can be realized through bilateral cooperation in trade and investment, it would contribute to economic recovery, Wuttke said.

This year marks the 45th anniversary of establishment of China-EU diplomatic relations. Stressing that there's a good foundation for bilateral cooperation, Wuttke said: "both sides have benefited greatly from globalization, making it all the more important that they work together to safeguard the global rules-based order."

Wuttke also called on the EU and China to continue to work together on the reform of the World Trade Organization and to jointly combat the COVID-19 pandemic at a time when multilateralism is being challenged and uncertainties are prevailing.

Being optimistic about China's development and the Chinese market, Wuttke said bilateral cooperation in trade and investment between the EU and China remains a priority for European businesses operating in China.

According to a joint survey done by the EU Chamber of Commerce in China and Roland Berger, a global strategy consulting firm, China remains a top three investment destination across the globe.

"The Chinese market remains attractive to a majority of European companies, which remain firmly committed to China's development," said Wuttke.

They are eager to meet the growing domestic demands in China but also make better use of local innovation and a vibrant industrial ecosystem, he added.

(CGTN)