EU Trade Commissioner Maroš Šefčovič has emphasized the need for measures to address the European Union’s growing trade deficit with China, which he termed as unsustainable. During his visit to China, Šefčovič engaged with representatives of European businesses operating in the region, highlighting their demands for improved market access and enhanced protection for their economic interests.
A significant part of Šefčovič’s agenda includes discussions with Chinese Commerce Minister Wang Wentao. These talks are expected to focus on the EU’s trade imbalance with China, which currently surpasses $1 billion daily. The discussions aim to explore potential solutions to this imbalance and address European businesses’ concerns.
Additionally, the possibility of the EU imposing restrictions on imports of Chinese hybrid vehicles is likely to be on the table. This consideration comes as Brussels assesses trade imbalances and market access issues that have been a point of contention.
Šefčovič’s visit underscores the EU’s strategic interest in recalibrating its trade relationship with China. By seeking greater access to the Chinese market for European businesses and addressing the trade deficit, the EU aims to create a more balanced and sustainable economic partnership.