Belgian trade mission reported in the Chinese press
November 19, 2019 Category Foreign trade, Weekly
Prior to the start of the trade mission, the China Daily commented that “Belgium was looking for closer economic ties with China given the upcoming largest-ever business mission which will visit the country as Europe and China make headway in trade relations. This would include a possible investment agreement, bucking the headwinds posed by global trade uncertainties.” “Belgium really needs China to work together to promote multilateral free trade globally. For Belgium, China is a solution to assisting many economic and social problems,” said Marc Vinck, Belgian Ambassador to China. The European bilateral investment treaty has made some progress and is expected to be concluded by next year, he noted. “For European companies, the treaty will help create a better investment climate. It will also drive a more balanced economic relationship between China and Europe,” Ambassador Vinck said. “More than 60 business and official agreements are expected to be signed, with sectors including life sciences, food and beverage, luxury, lifestyle, as well as cleantech being a major focus,” said Fabienne L’Hoost, Director General of the Belgian Foreign Trade Agency.
Belgium is China’s sixth-largest trading partner in the European Union. By the end of last year, the bilateral trade volume hit USD26 billion and Belgian businesses had invested USD2 billion in China’s chemical, pharmaceutical and electronic equipment sectors. Chinese businesses’ investment in Belgium totaled USD660 million over the same period. Last month, a train bound for Liege, Belgium, made its first journey from China’s commodities hub of Yiwu. The route was under the auspices of the electronic World Trade Platform, an initiative proposed by Alibaba in 2016 to facilitate cross-border trade among SMEs through the assistance of payments and logistical technologies. “As small- and medium-sized businesses are one of the major driving forces of the Chinese economy, we also see a similar strong willingness of Belgian SMEs in linking with China,” Ambassador Vinck added, according to the China Daily.
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