EU Trade Commissioner Maroš Šefčovič is seeking to address the European Union’s growing trade deficit with China, which is currently estimated at more than $1 billion per day. His visit to China includes meetings with representatives from European businesses operating in the country, who are advocating for increased market access and better protection of their economic interests.
Šefčovič is also scheduled to engage in discussions with Chinese Commerce Minister Wang Wentao. These talks are expected to center on the trade imbalance issue, as well as potential EU restrictions on imports of Chinese hybrid vehicles. This comes as Brussels continues to scrutinize trade imbalances and market access concerns.
European businesses have expressed the need for a more level playing field in China, highlighting challenges in gaining market entry and securing their investments. The EU is contemplating measures that could address these imbalances, as the trade deficit with China has become a pressing economic concern.
Šefčovič’s visit underscores the EU’s strategic efforts to recalibrate its trade relationship with China and ensure that European firms can compete fairly in the Chinese market. The outcome of these discussions could have significant implications for future EU-China trade dynamics.