Category: Economy

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EU and China reach agreement in principle on investment

The EU and China have concluded in principle the negotiations for a Comprehensive Agreement on Investment (CAI).  This deal follows a call between Chinese President Xi Jinping and European Commission President von der Leyen, European Council President Charles Michel and German Chancellor Angela Merkel on behalf of the Presidency of the EU Council, as well as French President Emmanuel Macron. China has committed to a greater level of market access for EU investors than ever before, including some new important market openings. China is also making commitments to ensure fair treatment for EU companies so they can compete on a better level playing field in China, including in terms of disciplines for state owned enterprises, transparency of subsidies and rules against the forced transfer of technologies. For the first time, China has also agreed to ambitious provisions on sustainable development, including commitments on forced labour and the ratification of the relevant ILO fundamental Conventions.

The Agreement will create a better balance in the EU-China trade relationship. The EU has traditionally been much more open than China to foreign investment. This is true as regards foreign investment in general. China now commits to open up to the EU in a number of key sectors.

President of the European Commission, Ursula von der Leyen said: “Today‘s agreement is an important landmark in our relationship with China and for our values-based trade agenda. It will provide unprecedented access to the Chinese market for European investors, enabling our businesses to grow and create jobs. It will also commit China to ambitious principles on sustainability, transparency and non-discrimination. The agreement will rebalance our economic relationship with China”. Continue reading “EU and China reach agreement in principle on investment”

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EU-UK Trade and Cooperation Agreement

After intensive negotiations, the European Commission has reached an agreement with the United Kingdom on the terms of its future cooperation with the European Union (PDF 1259p) .

President of the European Commission, Ursula von der Leyen said: “It was worth fighting for this deal because we now have a fair and balanced agreement with the UK, which will protect our European interests, ensure fair competition, and provide much needed predictability for our fishing communities. Finally, we can leave Brexit behind us and look to the future. Europe is now moving on.”

The European Commission’s Chief Negotiator, Michel Barnier, said: “We have now come to the end of a very intensive four-year period, particularly over the past nine months, during which we negotiated the UK’s orderly withdrawal from the EU and a brand new partnership, which we have finally agreed today. The protection of our interests has been front and centre throughout these negotiations and I am pleased that we have managed to do so. It is now for the European Parliament and the Council to have their say on this agreement.” Continue reading “EU-UK Trade and Cooperation Agreement”

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Modernisation of EU export controls

The Commission welcomes the agreement reached today by the European Parliament and the Council on its proposal for a modernisation of EU export controls on sensitive dual-use goods and technologies. The changes agreed today will upgrade and strengthen the EU’s export control toolbox to respond effectively to evolving security risks and emerging technologies. Thanks to the new Regulation, the EU can now effectively protect its interests and values and, in particular, address the risk of violations of human rights associated with trade in cyber-surveillance technologies without prior agreement at multilateral level.  It also enhances the EU’s capacity to control trade flows in sensitive new and emerging technologies.

Executive Vice-President and Commissioner for Trade, Valdis Dombrovskis, said: “I warmly welcome this agreement to upgrade our controls on dual-use technologies. These can have a far-reaching impact and pose a risk to national and international security, while cyber-technologies can lead to human rights violations. We will now have robust export controls to mitigate against abuses of dual-use tech and exporters will have to follow due diligence obligations. The Commission will work now closely with Member States and the European Parliament to implement the new Regulation effectively. We will also interact closely with industry, which is the ‘first line of defence’ to guard against proliferators and other malevolent actors.”

This new Regulation provides a new basis for the coordination of controls on a wider range of emerging dual-use technologies between the Commission and Member States in support of the effective enforcement of controls throughout the EU. Due diligence obligations and compliance requirements for exporters have also been introduced, recognising the role of the private sector in addressing the risks posed by trade in dual use items to international security. Transparency will also be enhanced through the obligation to publish reports on the licenses granted. Continue reading “Modernisation of EU export controls”