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Beijing (dpa) - The European Union and China are apparently on the verge of a breakthrough in their seven-year negotiations on an investment agreement.
In Beijing, the European Chamber of Commerce in China is “very hopeful” that “a political agreement can be concluded in the next few days”.
The chamber chairman Jörg Wuttke told the German press agency: "We have to wait for the details, but I can only assume that it will be robust and address many points that the EU chamber has put forward in recent years."
The investment agreement is "of very great importance" for European companies.
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An "ideal" agreement should improve European companies' access to the fastest growing market in the world, said Wuttke.
It should also create a framework that allows them to have the same competitive conditions in China as those that apply to Chinese companies in the EU and are protected.
The rapprochement comes against the backdrop of the trade war between the US and China, the two largest economies in the world.
The future US President Joe Biden wants to stick to the tough course against China and maintain the additional tariffs introduced by the outgoing incumbent Donald Trump for the time being so as not to restrict his options.
Biden also wants to forge a broad international coalition with allies such as the Europeans.
The EU and China had always confirmed their intention to reach an agreement in the difficult negotiations by the end of the year.
The focus is on better market access and fair conditions in competition with Chinese companies, with China in particular having to move.
A political agreement on the agreement would be a kind of agreement in principle, which must be followed by further examination of the precise text of the contract by lawyers on both sides.
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A senior EU diplomat in Beijing was also "confident" that there would soon be a breakthrough.
EU Chamber President Wuttke emphasized that it should actually be normal practice between two major economic powers to have equal market access and not imbalance.
In this respect, the agreement is "hardly revolutionary".
Nevertheless, the motto must be: "Now or never."
If concluded, it would only be the second major economic agreement between the EU and China after the agreement concluded in July on the geographical designation of origin of goods, as Wuttke said.
The newspaper “South China Morning Post” reported that there was already a “fundamental” agreement on the investment agreement with China within the European Union.
The Hong Kong newspaper cited a diplomatic source in Brussels.
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Citing another source familiar with the negotiations, the paper also wrote that it was assumed that Chancellor Angela Merkel and French President Emmanuel Macron would agree to conclude the agreement.
© dpa-infocom, dpa: 201218-99-738901 / 2
South China Morning Post