The European Union (EU) proposed a new trade policy Wednesday, saying it seeks to deepen ties with China and is committed to concluding the ongoing talks on bilateral trade agreement.
The bloc's executive arm, the European Commission, said the new EU trade and investment strategy would expand and rebalance its relationship with China "in a mutually beneficial way."
"The ongoing negotiation of a bilateral investment agreement is the top priority towards this objective," it said. Completing this agreement will support China's reforms and would facilitate Chinese participation in the Commission's investment plan for Europe as well as European participation in China's "Belt and Road" initiative, the Commission noted.
Meanwhile, the Commission pointed out that the EU and China should strengthen their dialogue on regional and multilateral trade and investment issues.
The EU should encourage and support China's growing role in the multilateral trading system and in multi-lateral initiatives, including the Information Technology Agreement, the International Working Group on Export Credits and the Government Procurement Agreement, it added.
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