Doha: China and the European Union have formally launched a trade and investment consultation mechanism aimed at strengthening economic ties, enhancing cooperation on World Trade Organization (WTO) reform, and addressing key bilateral trade issues, according to a joint statement issued on Tuesday.
According to Qatar News Agency, the announcement followed the inaugural meeting of the new mechanism, during which the two sides reaffirmed their commitment to advancing WTO reform and strengthening the organization's authority and effectiveness. The statement indicated that the mechanism will initially focus on four areas: trade and investment balance, export controls, intellectual property rights, and WTO reform.
China and the European Union also engaged in discussions on major economic and trade issues. Both parties agreed to establish a joint monitoring mechanism to exchange relevant data, monitor trade flows, and support technical work aimed at improving transparency, building mutual trust, and managing trade frictions.
They also concurred that expanding market access would help rebalance bilateral trade relations. Both sides exchanged lists of market access concerns and agreed to continue consultations under the trade and investment balance track with the aim of resolving specific issues. The statement highlighted progress in the China-EU export control dialogue on rare earth elements and other critical materials and minerals, with both sides agreeing to deepen cooperation in this area.
The two sides also recognized the need to strengthen dialogue on export controls and agreed to take additional measures to help maintain the stability of global industrial and supply chains.