China also made commitments on ratifying the relevant International Labor Organization (ILO) rules related to forced labor, which is one of the
The deal is pending a ratification process conducted by the EU Council, which will go over the text of the deal with a fine-tooth comb.
Pres. Xi praised the EU leaders’ willingness to take part in the negotiations, saying, they “rose to the challenge,” even amid the global COVID-19 pandemic. In all, the deal is groundbreaking for the EU and China.
German auto manufacturers are particularly pleased as China’s domestic automobile market will be further opened to Volkswagen, BMW, and Daimler. In addition, China will open up access to multiple sectors, including hybrid and electric vehicles, telecoms, cloud, and financial services, private hospitals, as well as international maritime and air transport.
Today‘s agreement is an important landmark in our relationship with China and for our values-based trade agenda. It will provide unprecedented access to the Chinese market for European investors, enabling our businesses to grow and create jobs. It will also commit China to ambitious principles on sustainability, transparency, and non-discrimination. The agreement will rebalance our economic relationship with China,” said von der Leyen.
A big win for China’s efforts to achieve global economic expansion
On top of China granting access to lucrative domestic markets, the country has also agreed to make major investments in European firms, creating a tit-for-tat investment deal. If the deal were to be ratified by the EU Council, it would mark another huge victory in China’s global economic expansion efforts.
