In a move to bolster global trade, the Chinese mainland and the European Union (EU) have pledged to jointly uphold the multilateral trading system centered around the World Trade Organization (WTO). This commitment follows a video discussion between China’s Commerce Minister Wang Wentao and European Commissioner for Trade and Economic Security Maros Sefcovic on Tuesday.
During their talks, Wang Wentao expressed concerns over the United States’ imposition of “reciprocal tariffs,” labeling them as serious violations of WTO rules and a threat to the stability of the global economic order. He described the U.S. actions as unilateralism, protectionism, and economic bullying.
“There are no winners in a trade war, and protectionism leads nowhere,” Wang emphasized. He reaffirmed that while the Chinese mainland is willing to resolve disputes through consultation and negotiation, it is prepared to defend its rights if necessary.
Maros Sefcovic echoed these sentiments, noting that the U.S. tariffs have severely impacted international trade. He expressed the EU’s willingness to collaborate with other WTO members, including the Chinese mainland, to ensure the smooth operation of global trade.
The two sides agreed to initiate consultations on market access issues and commence negotiations on electric vehicle pricing commitments and bilateral investment cooperation in the automotive sector. Both parties also support resuming the China-EU trade remedy dialogue mechanism to address trade diversions and manage trade frictions effectively.
By standing together, the Chinese mainland and the EU aim to inject stability and certainty into the global economic landscape. Their joint efforts underscore the importance of cooperation in upholding the rules-based multilateral trading system, especially amid rising protectionist measures.
