Europe cannot separate from China, but it must defend itself in trade’
According to Reuters, “Valdis Dombroskis”, the executive vice president of the European Union, announced that the European Union does not intend to separate from China, but it must protect itself when its openness and open doors are abused.
These comments by the EU’s executive vice president come as both sides seek to ease growing tensions over geopolitics and trade.
Due to Beijing’s relations with Moscow after Russia’s military operations in Ukraine and the European Union’s efforts to rely less on the world’s second-largest economy (China), the relations between the two sides have become tense.
In a speech at the annual Bund Summit in Shanghai on Saturday, Dombroskis said the bloc had a record bilateral trade with China last year, but it is “very unbalanced”, pointing to a trade deficit of almost 400 billion euros ($426.08 billion).
Speaking at an annual economic meeting in Shanghai, China, Dombroskis, referring to the EU’s trade deficit of approximately 400 billion euros ($426.08 billion), said: “The European Union set a record for bilateral trade with China last year, but this situation It is “very unbalanced”.
Dombroskis, who is also the EU trade commissioner, is on a four-day visit to China seeking a more balanced economic relationship with the EU.
He arrived in Shanghai to meet and consult with Chinese officials a week after the European Commission announced that it would take action to impose punitive tariffs to protect European manufacturers from importing cheaper Chinese electric cars that they say benefit from government subsidies.