EU-China dialogue to deepen economic co-op for early recovery

Source: Xinhua | 05-08-2009 09:28

BRUSSELS, May 6 (Xinhua) -- The European Union (EU) and China will hold a high-level economic and trade dialogue in Brussels on Thursday, and against the backdrop of the financial crisis, the two-day talks will provide a platform for the two economic powers to deepen cooperation for an early recovery.

CLOSER ECONOMIC AND TRADE RELATIONS

As the highest-level mechanism for regular talks between the EU and China in the economic and trade fields, the dialogue will bring together key policy makers from the two sides.

EU Trade Commissioner Catherine Ashton and Chinese Vice-Premier Wang Qishan will chair the meeting. A further eight EU commissioners and a total of 12 Chinese ministers or vice-ministers are set to participate.

Economic and trade relations between the EU and China have madeconstant progress in recent years.

At present, the EU is China's largest trading partner and technology supplier. It is also the fourth largest source of investment for China, while China is the EU's second largest trading partner.

Even in 2008, when the financial crisis broke out and took its toll on the world economy, the China-EU trade grew to 425.58 billion U.S. dollars, an increase of 19.5 percent over the previous year, according to figures from China's customs authorities. It outpaced expansion of China's trade with the United States and Japan in the same period.

But there is still a great potential to be tapped since Chinese and European economies are highly complementary.

The European Commission said that the two-day dialogue will cover a series of issues, including trade, investment, small and medium-sized companies, customs cooperation, sustainable development, product safety and intellectual property rights.

All are meant to "strengthen trade and investment relationship between the EU and China in order to speed up recovery in the current economic crisis," the commission said.