Home / Business and Economy / EU-China Trade Deal: Hybrid Exports Slashed
EU-China Trade Deal: Hybrid Exports Slashed
9 Oct
Summary
- EU and China agreed to cut hybrid car exports by 50%.
- China's market access for EU products will be improved.
- Chinese licensing for rare earth exports will be eased.
The European Union and China have finalized a significant trade agreement, which includes a commitment to halve Chinese exports of hybrid and plug-in hybrid vehicles to the EU. This accord, announced on Friday, marks a critical development in bilateral trade relations.
Beyond vehicle exports, the agreement will enhance the EU's access to the Chinese market and simplify the process for Chinese licensing of rare earth exports. European Trade Commissioner Maros Sefcovic characterized the deal as a vital initial step in addressing trade imbalances.
Commissioner Sefcovic's visit to Beijing aimed to secure tangible results, addressing the EU's escalating concerns over a trade deficit that reportedly exceeded €1 billion daily. The agreement is expected to foster a more balanced trading relationship between the two economic powers.
