China, EU to Promote Trade, Investment

China and the European Union, in a joint statement issued Monday, vowed to step up efforts to promote trade and investment and increase effective market access.

The statement was issued on the sidelines of the 12th China-EU Summit held in Nanjing, capital of Jiangsu Province in east China.

Chinese Premier Wen Jiabao attended the meeting with President of the European Council and Swedish Prime Minister Fredrik Reinfeldt and European Commission President Jose Manuel Barroso.

The two sides shared the view that economic and trade ties between China and the EU were an important and integral part of the comprehensive strategic partnership, said the joint statement.

They agreed to step up efforts to promote trade and investment and increase effective market access in order to deal with the economic crisis. The European Union appreciated the efforts of China to undertake trade and investment promotion missions to Europe.

In the statement, leaders reaffirmed their commitment to the High Level Economic and Trade Dialogue (HED). China and the EU agreed on the importance of using all avenues to expand economic openness and reform in their relationship and in their respective economies to ensure an open, stable and predictable environment to create business opportunities.

The joint statement said China and the EU would seek to facilitate trade and investment among small and medium-sized enterprises (SMEs) and explore possibilities of cooperation in other areas, including trade finance and technology trade.

Both sides would work together to enhance trade and investment opportunities arising from the move towards a green economy. In this context, both sides welcomed the fifth China-EU Business Summit and its focus on the "Green Agenda: Sustaining Growth Beyond Recovery."

They agreed that efforts to stimulate demand should be based on transparency and non-discrimination. They recognized the importance of open and non-discriminatory government procurement policies and agreed to pursue efforts to increase exchanges in this field.

The EU expressed support for China's efforts to accede to the WTO Government Procurement Agreement and encouraged China in its preparation of a revised offer, the joint statement said.

The two sides commended the important role of the previous three G20 Summits in tackling the global financial crisis, and supported G20 as the premier forum for international economic cooperation focusing on world economic, financial and development issues.

They agreed to work with other countries and regions to build a fair, just, inclusive, stable and resilient international financial system, and to support the sustainable growth of economies in their regions and the world at large, not least by fighting all forms of protectionism, keeping open and free trade and strengthening support for developing countries.

They agreed to further strengthen international financial regulation and intensify cooperation and coordination of their macroeconomic policies.

Leaders welcomed the discussions in Nanjing on Nov. 29 between the representatives of the euro-zone and the Chinese authorities on macroeconomic policy issues, the joint statement said.

The joint statement said leaders expressed their determination to work to conclude in 2010 the negotiations on the Doha Development Agenda and their commitment to an ambitious, comprehensive and balanced agreement.

Both sides believed that closure of the Doha Round should be consistent with its mandate and on the basis of progress already made, and called on all WTO members to work to close the Round in 2010.