China and the European Union (EU) pledged to jointly uphold the multilateral trading system with the World Trade Organization (WTO) at its core, Chinas Commerce Ministry stated in a statement on Thursday.The statement followed Chinas Commerce Minister Wang Wentao and European Commissioner for Trade and Economic Security Maros Sefcovic held a talk by means of video on Tuesday, throughout which they talked about various issues, consisting of enhancing China-EU financial and trade cooperation and responses to the United States imposition of so-called reciprocal tariffs.
During their talks, Wang noted that the United Statess reciprocal tariffs seriously violate the legitimate interests of other countries, breach the WTO guidelines, weaken the rules-based multilateral trading system and interfere with the stability of the international economic order.The United States relocation is a typical act of unilateralism, protectionism and economic bullying, Wang said, adding that China firmly opposes it and has taken countermeasures to protect its own rights and interests.
There are no winners in a trade war, and protectionism leads no place, he said.China wants to resolve disputes through consultation and negotiation however will fight till completion if the United States keeps acting willfully, Wang said.He stressed that under existing situations, China and the EU collectively promoting the rules-based multilateral trading system and remaining devoted to trade liberalization and assistance will inject more stability and certainty into the international economic and trade landscape.Sefcovic stated the United States tariffs have seriously affected international trade, and the EU is willing to deal with other WTO members, including China, to guarantee the regular operation of global trade.The EU values its economic and trade relations with China and is willing to enhance dialogue and communication with China and promote greater two-way market access, investment and commercial cooperation, Sefcovic said.According to the declaration, the two sides accepted begin consultation on problems concerning market access at an early date and immediately start settlements on electric car rates dedications as well as concerns related to bilateral financial investment cooperation in the auto sector.Both sides support the resumption of the China-EU trade remedy discussion mechanism to go over trade diversion concerns and correctly manage trade frictions, according to the statement.The 2 sides also promised to continue to enhance interaction under the WTO framework, jointly promote the WTO reform and support the multilateral trading system with the WTO at its core, the statement kept in mind.