China, EU establish trade and investment consultation mechanism

(ECNS) -- China and the European Union have confirmed the establishment of a bilateral trade and investment consultation mechanism, according to a joint statement issued Tuesday.

China's Minister of Commerce Wang Wentao and European Commissioner for Trade and Economic Security and Interinstitutional Relations and Transparency Maros Šefčovič co-chaired the first meeting of the mechanism on Monday in Brussels.

According to the joint statement, the two sides agreed on four initial areas of cooperation: trade and investment balance, export controls, intellectual property rights and reform of the World Trade Organization (WTO).

The Chinese Ministry of Commerce said the two sides held comprehensive, in-depth and constructive discussions on key economic and trade issues. They also agreed to establish a joint monitoring mechanism to exchange relevant data, monitor trade flows and support technical work aimed at improving transparency, strengthening mutual trust and managing trade frictions.

Both sides noted the positive results of the China-EU export control dialogue regarding rare earth elements and other critical materials and minerals, and intended to strengthen dialogue in this field, according to the joint statement.

China and the EU stressed the need to strengthen bilateral cooperation in the WTO, advance substantive progress on WTO reform, and enhance the authority and effectiveness of the WTO, according to the joint statement.

(By Kira)