Amid concerns of an unsustainable trade deficit, EU Trade Commissioner Maroš Šefčovič has called for measures to address the growing economic imbalance between the European Union and China. During a visit to China, Šefčovič engaged with representatives of European businesses operating in the country. These businesses are advocating for improved access to the Chinese market and enhanced protection of their economic interests.
The EU’s trade deficit with China is a pressing issue, with estimates suggesting it surpasses $1 billion daily. In response, Šefčovič is set to meet Chinese Commerce Minister Wang Wentao to discuss potential solutions. The discussions are anticipated to focus on the EU’s concerns over market access and the significant trade deficit.
Additionally, the possibility of the EU imposing restrictions on imports of Chinese hybrid vehicles is on the agenda. Brussels is scrutinizing trade imbalances and market access, and such restrictions could be a step towards addressing these concerns.
Šefčovič’s visit underscores the EU’s commitment to recalibrating its trade relationship with China. By seeking greater market access and addressing trade imbalances, the EU aims to foster a more equitable economic partnership with its Asian counterpart.