China and the European Union vowed to jointly uphold the multilateral trading system with the World Trade Organization (WTO) at its core and enhance trade cooperation, China's commerce ministry said in a statement released Thursday.
The statement came after China's Commerce Minister Wang Wentao and European Commissioner for Trade and Economic Security Maros Sefcovic held a talk via video on Tuesday, during which they discussed various issues, including enhancing China-EU economic and trade cooperation and responses to the U.S. imposition of so-called "reciprocal tariffs."
China is willing to work with the EU to strengthen communication and exchanges, and deepen China-EU trade, investment, and industrial cooperation, Wang told Sefcovic during the talk.
He pointed out that the U.S. "reciprocal tariffs" seriously violate the legitimate interests of other countries, breach the WTO rules, undermine the rules-based multilateral trading system, and disrupt the stability of the global economic order
The U.S. move is a typical act of unilateralism, protectionism and economic bullying, Wang said, adding that China firmly opposes it and has taken countermeasures to defend its own rights and interests.
There are no winners in a trade war, and protectionism leads nowhere. China is willing to resolve disputes through consultation and negotiation, but will fight till the end if the United States keeps acting willfully, Wang said.
He stressed that under current circumstances, China-EU jointly upholding the rules-based multilateral trading system and staying committed to trade liberalization and facilitation will inject more stability and certainty into the global economic and trade landscape.
For his part, Sefcovic stated that the U.S. tariff hikes have severely impacted international trade and had serious effect on the EU, China, and vulnerable countries.
Noting that the U.S. accounts for only 13 percent of global merchandise trade, Sefcovic said the EU is willing to work with other WTO members, including China, to jointly safeguard the normal functioning of global trade.
The EU values its economic and trade relations with China, and is willing to strengthen dialogue and communication with China, and promote greater two-way market access, investment and industrial cooperation, Sefcovic said.
Both sides agreed to start consultation on issues concerning market access at an early date, create a more favorable business environment for enterprises, and immediately start negotiations on electric vehicle pricing commitments as well as issues related to bilateral investment cooperation in the auto sector.
Both sides support the resumption of the China-EU trade remedy dialogue mechanism to address trade diversion issues and properly manage trade frictions, according to the statement.
The two sides also vowed to continue to strengthen communication under the WTO framework, jointly promote the WTO reform, and uphold the multilateral trading system with the WTO at its core, the statement noted.
China, EU vow joint efforts to uphold multilateral trading system
China, EU vow joint efforts to uphold multilateral trading system
China, EU vow joint efforts to uphold multilateral trading system
