Exclusive Dialogue with European Commissioner Malmström – 6 February 2017 – Brussels
February 13, 2017 Category Past events, Weekly
BUSINESSEUROPE, the European Union Chamber of Commerce in China and the EU-China Business Association organized an exclusive dialogue with the European Commissioner for Trade Cecilia Malmström and the European Chamber of Commerce in China President Jörg Wuttke on 6 February 2017 at BusinessEurope in Brussels.
The purpose of this event was to take stock of the most important developments in the EU-China relations and how this affects EU businesses. Concurrently, this event served as an opportunity for the Chamber to present its annual position paper on China.
Following an introduction by Mr Markus J. Beyrer, Director General, BUSINESSEUROPE, Ms Cecilia Malmström, European Commissioner for Trade delivered a speech on EU-China trade and investment relations. Mr Jörg Wuttke, President, European Union Chamber of Commerce in China spoke about the Chamber’s annual position paper. The speeches were followed by a moderated panel and Q&A session. Mr. Jochum Haakma, Chairman of the EU-China Business Association presented the conclusions of the event.
“China can demonstrate leadership when needed. We saw this during its G20 chairmanship, in China’s support for the Paris Climate Agreement, and in President Xi’s speech at Davos. Now we ask China to take charge of rebalancing its relationship with the EU, to reciprocate on market access and investment facilitation, and to play its part to uphold the multilateral trading system”, Markus J. Beyrer, Director General of BusinessEurope, said. He welcomed Commissioner Malmström, who highlighted that Europe’s offer to China is one of open trade, but free and fair trade based on values and reciprocal market access. She set out the opportunities from strengthening trade and investment relations with China, a market that accounts for one-fifth of EU goods imports and one-tenth of its exports. The Commissioner quoted with approval recent statements by President Xi of China – to develop free trade and investment, promote liberalization and facilitation, and say “no” to protectionism. However, she noted, the challenge for the year ahead will be to ensure that “the country walks the talk”, with “rhetoric matched by reform”. The Commissioner noted the opportunities for both sides of the bilateral investment agreement currently under negotiation; but also set out the importance of rule of law.
Mr Jörg Wuttke said that hopes for further opening up were not met by reality as according to AmCham, 81% of American companies in China feel less welcome. The good news is that China has a big potential for reform as it is lagging in openness compared to all other major economies.The EUCCC President mentioned that at Davos Chinese President Xi Jinping reaffirmed the importance of globalization, which was beneficial to China. The State Council again emphasized that China has to open up more in 20 areas. Mr Wuttke joked that if this plan would be implemented, there wouldn’t be any need anymore for a chamber of commerce. He further warned that China’s economic development was adding to the debt burden, which has reached 270% of GDP. Chinese investment into Europe could have been much higher, but the Chinese government worried about capital flight and falling foreign exchange reserves, he added. The European Chamber plans to publish a new paper in March about China wanting to become a global champion in several sectors. Finally, Mr. Wuttke called on the European Commission and the member states to emphasize reciprocity in dealing with China.
Mr Jochum Haakma, Chairman of the EU-China Business Association (EUCBA) also emphasized the opportunities for European and Chinese companies offered by the One Belt One Road (OBOR) initiative and the EU-China investment agreement. He mentioned that China – although it has a challenging business environment – offers significant potential to European companies. One example is the infrastructure projects to be constructed in the framework of the Belt and Road initiative. “One Belt One Road” is linking China with Europe, facilitating and promoting trade and investment.
“The ongoing negotiations for an EU-China Comprehensive Agreement on Investment will liberalize investments and eliminate restrictions for investors in each other’s markets,” Mr. Haakma said. Like Mr. Wuttke, he emphasized that reciprocity is very important.
The EU-China Business Association is the EU-wide federation of business organisations in the EU promoting business relations with China. The Flanders-China Chamber of Commerce holds the secretariat-general and vice-chairmanship of the EUCBA.
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