EU And China Continue Partnership To Solve Global Economic Challenges

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China and the European Union (EU) will be partnering to deal with challenges facing the global economy. The two parties struck the agreement at the EU-China High-Level Economic and Trade Dialogue (HED).

Additionally, the HED will look at supply chain disruptions caused by the COVID-19 pandemic. The discussion also includes investment and bilateral trade concerns.

China And EU Deepen Their Trade And Economic Relations

China’s Vice-Premier Liu He and the Executive Vice President of the EU, Valdis Dombrovskis, chaired the HED. The discussion also centered on the socio-economic impact of the war between Russia and Ukraine, including the financial markets, energy, and food.

Dombrovskis stated that China and the EU are important trading partners. Both parties understand that they have a responsibility to ensure joint responses to global economic trade and provide solutions to challenges.

Some of these challenges include debt relief for most vulnerable countries, global food insecurity, disruptions in supply chains, as well as reform of the World Trade Organization. Dombrovskis added that Russia’s invasion of Ukraine has created several challenges for security and the global economy. He emphasized that both parties are working together to build more reciprocal and balanced trade and investment relations between China and the EU.

China And EU Plan To Help To Reduce Global Carbon Emissions

They have also signed the Memorandum of Understanding between the European Securities and Markets and the People’s Bank of China. The signing will guarantee access to the Shanghai Clearing House for European banks. Additionally, both parties have agreed to help to reduce the asses the Carbon Emissions Reduction Supporting Tool, and they will be welcoming the participation of EU banks in subsequent meetings. China and the EU have agreed to hold the next HEX\D next year.

China and the EU have been major trading partners over the years. Last year, China was the EU’s third largest partner for the export of goods

The two parties want to make joint efforts to promote mutual understanding, enhance the stability of the China-EU cooperation, and promote pragmatic cooperation between Europe and China in the economic and trade field. The idea is to promote trade cooperation between both parties to better cope with the uncertainties surrounding the global economic situation.

About Ali Raza PRO INVESTOR

Ali is a professional journalist with experience in Web3 journalism and marketing. Ali holds a Master's degree in Finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of leading cryptocurrency publications including Capital.com, CryptoSlate, Securities.io, Invezz.com, Business2Community, BeinCrypto, and more.