After talks in Beijing, EU Trade Commissioner Maros Sefcovic said the shared understanding could cut Chinese hybrid and plug-in hybrid exports to the EU by more than half over four years. China confirmed an understanding consistent with WTO rules.
Chinese Commerce Minister Wang Wentao and EU Trade Commissioner Maros Sefcovic concluded two days of talks in Beijing with a shared understanding on hybrid vehicle trade. Sefcovic said it opened the prospect of cutting China's hybrid and plug-in hybrid exports to the EU by more than half, amounting to several million vehicles over four years.
The Chinese ministry said the understanding was reached in a WTO-compliant manner. Both sides also agreed to improve EU market access for about 4 billion euros of goods including car parts, olive oil and footwear, and to ease rare earth and magnet export licensing.
The talks aimed to address the EU's goods trade deficit with China of roughly 1 billion euros per day. Discussions continue on the separate anti-subsidy case involving Chinese electric vehicles. Sefcovic called it a crucial first step toward rebalancing.
EU leaders are expected to review the outcome at their upcoming summit.
People Sentiments Neutral
- Sefcovic said this is the first time China accepted to moderate exports without prior tensions.
- Chinese ministry said China is a partner in solving problems not the root cause.