China and the European Union have completed negotiations for an investment agreement as scheduled, which is a milestone in the development of China-EU relations, an official said on Thursday. Chinese trade.

“The investment agreement is good for China, the EU and the world. It is of great importance and will have a huge impact,” Li Chenggang, assistant minister of commerce said in an interview.

The investment agreement, announced Wednesday by the two parties after seven years of negotiations, is a hard-won result.

China and the EU have held 35 rounds of negotiations since 2013. This year, the two sides overcame the negative impacts of the COVID-19 pandemic and completed the negotiations as planned.

During the negotiations, China and the EU made high-level market access commitments, formulated balanced and comprehensive rules for fair competition, and strengthened their commitments to sustainable development, Mr. Li said.

Noting that this year marks the 45th anniversary of the establishment of diplomatic relations between China and the EU, Li said the agreement will create more opportunities for China-EU cooperation, bring tangible benefits to businesses. on both sides and will strengthen mutual political trust.

Amid the COVID-19 pandemic and global economic downturn, the completion of investment deal negotiations is part of the concrete actions China and the EU have taken to build an open global economy and maintain the multilateral trading system, Li said.

It will also help stabilize and facilitate global industrial and supply chains and boost global economic recovery, he added.

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