China-EU trade expands growth

Added On February 20, 2021

 In an interview with Xinhua on Thursday, Joerg Wuttke, president of the European Union Chamber of Commerce in China (EUCCC), reacted to the fact that China became EU's top trading partner for the first time last year.

He said the opening up of the services sector and more pro-trade measures could help EU businesses as well as Chinese enterprises further expand their growth.
Wuttke said he saw opportunities for both sides to further boost bilateral trade ties.
He mentioned that the U.S. remains the EU's number one trading partner when you include services. However, it highlights the untapped potentials of EU-China trade.
Speaking of the Comprehensive Agreement on Investment and the geographical indications agreement, Wuttke said that he hopes that "there will be the political will to go beyond the implementation of the agreement as it stands, and to continue reforming the Chinese economy to benefit not only EU businesses but also competitive and innovative Chinese private enterprises."
He also pointed out that the current focus should be put in sectors as artificial intelligence, biotechnology and information and communication technology.
A German expert, Jost Wuebbeke, director at Sinolytics, a Berlin-based consultancy specializing in China and with a particular focus on China's technological and digital transformation, on Wednesday said to Xinhua that more European companies are benefiting from the fast recovery of the Chinese market and China has been playing its part in supporting the EU economy to get back on track.
According to the expert, European companies, especially from the automotive industry and luxury industry, benefit currently from the recovery of the Chinese market.