European Union Trade Commissioner Maroš Šefčovič has emphasized the urgent need to tackle the substantial trade deficit between the EU and China, which he characterized as unsustainable. Šefčovič’s remarks came during his current visit to China, where he is engaging with representatives from European businesses operating in the region.
The discussions come at a time when European companies are advocating for improved access to the Chinese market and enhanced protection for their economic interests. The trade imbalance has become a pressing issue, with the EU’s deficit with China reportedly surpassing $1 billion daily.
Šefčovič is also scheduled to meet with Chinese Commerce Minister Wang Wentao. These talks are anticipated to address the growing trade deficit and explore potential measures to mitigate it. A key topic on the agenda is the possibility of the EU imposing restrictions on imports of Chinese hybrid vehicles. This consideration is part of a broader examination by Brussels into trade imbalances and market access issues.
The EU’s efforts to address these economic challenges reflect broader concerns about maintaining balanced and fair trade relations with China, particularly as European businesses seek to safeguard their competitive position in the global market.