29 Jun 2015
EU-CHINA SUMMIT RESULTS – 29 JUNEBrussels Daily
The 17th bilateral summit between the European Union and the People’s Republic of China took place in Brussels on Monday 29 June 2015. Jean-Claude Juncker, President of the European Commission, Donald Tusk, President of the European Council and Premier Li Keqiang of the State Council of the People’s Republic of China celebrated the 40th anniversary of EU-China diplomatic relations, acknowledging the significant strides in the political, economic, social, environmental and cultural relations between the EU and China.
The EU and China today also committed to facilitating trade between the two sides thanks to a new landmark customs agreement. The two sides said in a joint statement that they would take all the necessary technical steps to pave the way for a mutual recognition agreement that will come into force in November 2015, which will allow EU and Chinese trusted traders to enjoy lower costs, simplified procedures and greater predictability in their activities. Mutual Recognition of Authorised Economic Operator means that companies will benefit from faster controls and reduced administration for customs clearance. Mutual recognition of trusted traders also allows customs to focus their resources on real risk areas, which improves supply chain security on both sides. The EU is the first trading partner to enter into such an agreement with China, having signed similar deals with the USA (2012) and Japan (2011).
Trade between China and the EU is worth more than €1 billion every day. Today, we form the second-largest economic cooperation in the world. Bilateral trade in goods reached € 467.2 billion in 2014. China expressed interest in the EU’s € 315 billion Investment Plan, which was welcomed by Commission Vice-President Katainen who will continue discussions with China when he visits the country for the High Level Economic Dialogue on 28 September.
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