EU Trade Commissioner Maroš Šefčovič has raised concerns over the significant trade imbalance between the European Union and China, labeling the deficit as unsustainable. During his visit to China, Šefčovič engaged with representatives of European businesses, who are advocating for increased access to the Chinese market and better protection of their economic interests.
Šefčovič’s itinerary includes a meeting with Chinese Commerce Minister Wang Wentao, where the focal point of discussions will be the EU’s escalating trade deficit with China. This deficit is currently estimated to surpass $1 billion daily, highlighting the urgency of addressing these economic disparities.
Additionally, the talks are expected to cover potential EU restrictions on imports of Chinese hybrid vehicles. This consideration arises as Brussels continues to scrutinize trade imbalances and explore solutions to market access issues.
The discussions come at a time when European businesses are keen on securing stronger footholds in the Chinese market, amidst growing concerns over economic security and equitable trading conditions. The outcomes of these meetings could have significant implications for EU-China trade relations, with potential policy shifts on the horizon.