EU-China: agreement on hybrid vehicles, market access and rare earths
According to Sefcovic, the agreement with Beijing on hybrid cars “opens up the prospect of reducing Chinese exports by more than half”
China and the European Union have reached an agreement on trade in hybrid vehicles. The European Union and China have reached a mutual understanding regarding hybrid vehicles, EU access to the Chinese market, and the granting of Chinese export licences for rare earths and permanent magnets. This was announced by EU Trade Commissioner Maros Sefcovic during a press conference held during his visit to Beijing, where he held talks with his Chinese counterpart, Wang Wentao.
“The two sides have reached an agreement on trade in hybrid vehicles, in line with World Trade Organisation rules,” reads the Chinese statement, which does not provide any further details. Brussels had hoped that Beijing would commit to voluntarily reducing its exports of hybrid vehicles.
“What he needed was a concrete outcome from our consultations. This is just the beginning; I very much appreciated the minister’s commitment to working together with the EU on balancing trade relations,” said the EU Trade Commissioner at a press conference in Beijing, explaining that the agreement on limits to hybrid car exports from China. For Sefcovic, the agreement with Beijing on hybrid cars “opens up the prospect of reducing Chinese exports by more than half”.
