Brussels seeks 'significant' progress with China over 'unsustainable' deficit

European Commissioner for Trade Maros Sefcovic is determined to rebalance the EU's trade relationship with China, describing the current deficit as "unsustainable." He expressed his expectation for "significant progress" from upcoming bilateral discussions.

"My goal is to address our concerns practically and with a view to obtaining results, not to escalate the conflict," Sefcovic stated in Paris during the annual ministerial meeting of the Organisation for Economic Co-operation and Development (OECD). He met with Chinese Vice Minister of Commerce Li Chenggang, focusing on reforming the World Trade Organization (WTO) and rebalancing bilateral ties.

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My goal is to address our concerns practically and with a view to obtaining results, not to escalate the conflict.

Sefcovic conveyed to his Chinese counterpart that both sides must closely examine "what is becoming an unsustainable trade deficit with China (for the EU), amounting to 1 billion euros daily." He emphasized the need for the EU to increase its exports to China, noting that China's vast economy absorbs fewer exports from the 27-member bloc than Switzerland does.

To address these imbalances, Sefcovic announced that European teams will travel to China, and vice versa, to prepare for future bilateral meetings with Chinese Minister of Commerce Wang Wentao. The focus remains on practical solutions to achieve a more equitable trade relationship.

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what is becoming an unsustainable trade deficit with China (for the EU), amounting to 1 billion euros daily.