The EU and China are close to reaching a long-awaited business investment deal, according to media reports. The pact, expected to be finalised this week, will give EU firms better access to the Chinese market and improve competition conditions, the BBC said. Talks on the investment deal began in 2014 but have been stuck for years over a number of issues. The pact is also designed to remove barriers to investment in China such as joint-venture requirements and caps on foreign ownership in certain industries. Once the expected deal is reached, it needs to be ratified by the European parliament, a process that may not begin until the second half of 2021.

Source: The Standard December 29, 2020 11:37 UTC