China and the EU reach consensus during economic and trade talks

China and the EU reach consensus during economic and trade talks

2010-12-22 13:25:17 GMT+7 (ICT)

BEIJING, CHINA (BNO NEWS) -- Chinese Vice Premier Wang Qishan on Tuesday said that China and the European Union (EU) reached an important consensus on high technology trade during economic and trade talks, the state-run Xinhua news agency reported.

Xinhua said the two sides have agreed to improve cooperation in high technology trade and arranged the first meeting of the China-EU High-Tech Trade Working Group at an 'early' date. They also agreed to improve trade, investment, innovation and customs cooperation.

"The EU side agreed to enhance communication with the Chinese side for early recognition of China's market economy status," Wang said after the third China-EU High-Level Economic and Trade Dialogue.

China and the EU reiterated the importance of enhancing coordination between the two parties, as well as cooperation at the G20 and other global economic summits. They also expressed their desire to jointly promote the reform of international economic and financial rules and standards.

"It is important to oppose all forms of protectionism with concrete actions, and push for comprehensive and balanced outcomes of the WTO Doha Round negotiations at an early date," the Chinese Vice Premier said.

The third China-EU High-Level Economic and Trade Dialogue had the participation of European Commission Vice President Joaquin Almunia, EU Trade Commissioner Karel De Gucht and EU Commissioner for Economic and Monetary Affairs Olli Rehn.

Almunia said the EU remains committed to its 'strategic partnership' with China and added that the EU would promote trade and economic relations with China from a strategic perspective and also advancing the EU-China partnership of strategic cooperation.

The EU is China's second-biggest trade partner and its biggest source of imports. EU-China trade increased 33.1 percent year on year in the first 11 months to $433.88 billion.

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