China, EU reaffirm commitment to conclude comprehensive investment agreement in 2020

China and the European Union on Monday reaffirmed commitment to conclude a comprehensive bilateral investment agreement this year.

The pledge came as Premier Li Keqiang held the 22nd China-EU leaders’ meeting with President of the European Council Charles Michel and President of the European Commission Ursula von der Leyen via video link on Monday.

Li and the EU leaders noted the progress made in the negotiations and reaffirmed that both sides were committed to concluding the China-EU Comprehensive Investment Agreement in 2020.

The leaders of both sides looked forward to reaching an ambitious deal and agreed to make all efforts to reach consensus on rules concerning fair competition as soon as possible.

A two-side opening-up can achieve mutual benefits, said Li. “China is committed to creating a more marketized, law-based, internationalized trade system for companies all over the world. We hope Europe, too, can keep that momentum and continue opening up its trade and investment market while easing restrictions on exports to China,” Li noted, according to an official statement released after the meeting.

China and the EU share more common grounds than differences, as well as more cooperation than competition, the premier said, highlighting the friendship between the two sides.

“We need to view our relationship from a long-term stand,” Li pointed out. “Communication is needed to further enhance mutual understanding.”

The EU leaders echoed those views, agreeing that the continent is willing to enhance economic cooperation in post-COVID-19 recovery. “Europe and China have stayed in solidarity in the fight against COVID-19,” said von der Leyen and Michel, according to a Xinhua report.

“The desire of EU-China cooperation has never abated.”

The EU leaders hoped to work with China in maintaining safe supply and industry chains, vowing to enhance ties on issues, including climate change.

According to the statement, President Xi Jinping also spoke with the two European leaders via online conferencing.

The EU has been negotiating an investment agreement with China since 2014.

The meetings were originally meant to be a summit on March 30, but the novel coronavirus pandemic pushed it off the agenda, along with another high-level event that was due to take place in September in the German city of Leipzig.