Valdis Dombrovskis says there is a need to rebalance the economic and investment relationship with China because currently Europe is substantially more open to Chinese investments than China is to EU’s investments. China said talks with the European Union on a bilateral investment deal are in the final stages, citing progress between negotiators as they push for an agreement before a year-end deadline, Bloomberg reports. “Now the negotiations are in the final stage,” Chinese Foreign Ministry spokesman Wang Wenbin said at a briefing in Beijing on Friday. Bilateral trade exceeded US$650 billion last year, and the new agreement aims to build on that. The agreement would be the second significant bilateral economic deal between the EU and China this year after they came to terms on geographical indications in July 2020, according to Joerg Wuttke, president of the European Union Chamber of Commerce in China.

Source: The Standard December 18, 2020 15:56 UTC