Juncker: The Reform of the WTO and the Trade Balance Will be Among the Main Topics of the EU-China SummitEU | March 26, 2019, Tuesday // 14:52| views
World Trade Organization Reform (WTO) and balancing bilateral trade will be among the key issues at the EU-China summit, to be held in Brussels on 8-9 April.
This is what European Commission President Jean-Claude Juncker said in Paris, at a joint press conference with French President Emmanuel Macron, German Chancellor Angela Merkel and Chinese President Xi Jinping.
The forthcoming EU-China summit on 8-9 April brings a lot of hope. It will allow us to sum up the work of the Joint Working Party on Reform of the WTO. We are convinced that this reform is necessary because the organization is indispensable in the modern world'', said Juncker.
He also stressed that the EU is interested in firmly defining the principles of reciprocity in trade between China and the EU. This is first of all a waiver of anti-dumping tariffs and, secondly, a more precise balance of imports and exports, to avoid excessive deficits in the trade balance which can be achieved through a system of trade quotas.
According to Juncker, another key topic at the summit will be mutual investment.
Merkel called for the right balance to be found in the era of dynamic world development and global change.
According to Merkel, strategic competition may have positive sides for all participants. The Chancellor once again called for the reform of international organizations such as the UN Security Council, the International Monetary Fund and the WTO.
"Without the United States, multilateralism is impossible," Merkel said.
The German government is planning to hold a meeting involving all EU and Chinese countries during its European presidency in 2020, Merkel added.
So far, according to the Chancellor, work on a number of projects, including an agreement on investment protection and designations of origin, has to be completed.