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Eu Trade Agreements With China

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On the other side, the UK is sitting outside. It has burned its relations with Brussels and Beijing in a very short time, which account for more than 40% of the world economy. In 2016, the EU adopted a new strategy vis-à-vis China, which defines the European Union`s relations with China for the next five years. The strategy promotes reciprocity, a level playing field and fair competition in all areas of cooperation. The big question is how Europe will be able to conclude negotiations on the China-EU Comprehensive Investment Agreement (CAI) within a year, if there are glaring differences in market access, from Hong Kong and Xinjiang. Relations are governed by the 1985 EU-China Agreement on Trade and Cooperation. Since 2007, negotiations have been under way to form a new EU Association Agreement and 24 sectoral dialogues and agreements have already been set up, from environmental protection to education. [9] In 2016, bilateral merchandise trade between the EU and China amounted to EUR 514.8 billion. [25] Machinery and vehicles dominate both exports and imports.

China`s top five exports are computers, broadcasters, telephones, office machine parts and integrated circuits. China`s top five imports are crude oil, integrated circuits, iron ore, gold and cars. As regards imports of AMA/NAMA product groups into the EU, the share of industrial products amounted to €343.725 million and represents an impressive 98.1% (out of a total of €350.535 million). The same goes for exports to China, where industrial products are the highest on the list and account for €159.620 million (93.7% of the total export volume). China and the EU launched their first scientific and technological cooperation programme in 1983. They also designed a science and technology cooperation agreement in 1998 which was renewed in 2004 to link research organisations, industry, universities and individual researchers in specific projects funded by the EU budget. [28] Current cooperation between the EU and China in the field of science and technology has been made available through Horizon 2020. the European Commission`s Horizon 2020 initiative covers the following areas: (i) food, agriculture and biotechnology (FAB); (ii) sustainable urbanization; (iii) energy; (iv) aviation; (v) and other areas such as ICT, water, health, society, polar research, the SME Instrument and space. [29] China sees the EU primarily as a counterweight to the US, with which it is embedded in a damaging trade war. He successfully sowed division among European countries by concluding bilateral economic agreements with more fragile elements within the bloc like Greece and Italy.

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