EU Trade Commissioner Maroš Šefčovič has emphasized the urgent need to address the significant trade deficit between the European Union and China, which he described as unsustainable during his visit to the country. This trade imbalance, estimated to exceed $1 billion daily, is a central concern for the EU as it seeks to bolster economic relations with China.
During his visit, Šefčovič engaged with representatives from European businesses operating in China. These companies are advocating for greater market access and enhanced protection for their economic interests, reflecting broader concerns about the trade relationship’s current dynamics.
Šefčovič is also scheduled to meet with Chinese Commerce Minister Wang Wentao to discuss the growing trade deficit. The talks are expected to address the EU’s concerns about trade imbalances and market access issues, which have been points of contention in the EU-China economic relationship.
In addition to the deficit, the potential for EU restrictions on Chinese hybrid vehicle imports is also on the agenda. This move is part of Brussels’ broader examination of trade imbalances and market access challenges, indicating ongoing scrutiny of the trade dynamics between the two economic giants.