Trade dialogue with EU creates new opportunities

The recent visits of European officials to Beijing, in particular by EU Trade Commissioner Maros Sefcovic last month, present fresh opportunities for strengthening relations between China and the European Union.

At a time when the global economic situation is becoming more complex and protectionism is on the rise, particularly the unjustified, provocative and controversial tariff policy of the United States, China has consistently proved itself a responsible global trader through dialogue and practical solutions.

The discussions between senior Chinese and European officials show that China is willing to engage with trade issues to foster collective prosperity and development. Both sides acknowledged the importance of equitable trade practices as fundamental to the prosperity of their economies.

China, as the EU's largest import partner and third-largest export destination, plays a central role in Europe's economic landscape. The trade dynamics reflect the high demand for Chinese products in the European market.

This year marks the 50th anniversary of the establishment of diplomatic ties between China and the EU. As mentioned by Vice-Premier He Lifeng, China is willing to work with the EU to strengthen dialogue and exchanges, handle economic and trade differences in a proper manner, expand mutual openness, and promote the healthy, stable development of China-EU economic and trade relations.

A major topic of the recent discussions was the Comprehensive Agreement on Investment, concluded in principle between the two sides in December 2020. The CAI aims to provide EU investors with greater access to China's market and ensures fair treatment for EU companies operating in China. It addresses issues such as State-owned enterprises, transparency of subsidies and rules on technology transfer. China's commitment to the CAI underscores its dedication to creating a more open and transparent business environment, benefiting both Chinese and European enterprises.

The proactive measures taken by China to ensure balance of trade are the complete opposite of the protectionist measures of some Western countries. Unlike many other nations, China has taken practical steps to increase imports from the EU. In the past few years, China has also increased its purchases of European farm produce, including French wine and German pork, to historic highs, benefiting European farmers and producers.

Discussions on electric vehicles and green technology highlighted China's technological prowess and dedication to global environmental protection. The EU had some apprehensions about competition, but the Chinese side presented solid evidence proving that its strength is built on extensive research and development as opposed to protectionism. The technological progress of Chinese companies benefits the whole world as it hastens the shift to clean energy — an objective that is common to China and Europe.

The cooperation also extends to other areas of new energy. Chinese solar panel makers have helped in lowering the cost of solar energy across the globe and Chinese and European companies are jointly working on next-generation offshore wind power projects. These partnerships are good examples of the synergistic approach to promoting EU-China cooperation for environmental protection.

Market access concerns are dealt with by China in a manner that indicates the country is growing in its position as an exemplary global trade partner. Unlike some Western economies that rely on punitive measures, China has always opted to use dialogue and gradual, sustainable development. The approach has yielded real outcomes in the form of market-opening policies that have been put in place over the last few years.

European businesses operating in China are finding more opportunities, especially in new frontier areas such as renewable energy, healthcare and digital economy.

China-EU collaboration through the Belt and Road Initiative continues to generate new opportunities in Central and Eastern European infrastructure and connectivity projects. As of November, the China-Europe Railway Express had operated more than 100,000 trips since its inauguration and functions as a critical trade route that cuts transportation time between China and Europe to 70 percent below sea route durations, thus showing real benefits from enhanced connectivity.

The visits of European officials and professionals have reaffirmed China's position as Europe's most reliable partner in an era of global uncertainty. China proves its commitment to economic stability and prosperity by choosing dialogue instead of discord, and cooperation instead of containment.

The country provides multiple significant benefits to EU-China trade by continuously expanding market access for European products and leading green technology innovation that helps both sides while developing efficient trade channels like the China-Europe Railway Express and engaging in honest dialogues about trade issues and proposing solutions to complex matters while keeping markets open through global turbulence.

The world economy is facing major challenges that make strengthened EU-China relations not just beneficial but essential for securing multilateral trade of the future.

The actions and policies are proving that major economies can work together for shared prosperity in challenging times by maintaining dialogue and business access — the characteristics of responsible global leadership in our interconnected world.

The author is an international affairs commentator and freelancer based in Karachi, Pakistan. The views do not necessarily reflect those of China Daily.