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Pandora s box : EU weighs changing relations with China | Hellenic Shipping News Worldwide
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The EU-China Comprehensive Investment Agreement, a balance between EU economic power and global value
Brand Story
18 May 2021, 04:55 GMT+10
Nearly seven years after the launch of the EU-China bilateral Comprehensive Investment Agreement negotiations, the EU and China reached the agreement in principle on December 30, 2020. Currently, there are 25 bilateral investment agreements between China and EU member states, which will establish a unified legal framework for both parties investments for the first time. The area covered by the agreement goes far beyond traditional bilateral investment agreements. The agreement also lays down fair competition rules to prevent state aid from weakening competition, and establishes sustainable development clauses. In the context of the ongoing transatlantic trade conflict, this is undoubtedly a powerful decision that meets the needs of the European Union seeking development leadership and a free system.
Tuesday, May 11, 2021
In a surprising announcement last week, the United States (US) reversed course on its position towards the COVID-10 TRIPS Agreement waiver negotiations, saying it would negotiate a waiver at the World Trade Organization (WTO). US Republican lawmakers and the pharmaceutical industry pushed back on the decision, warning it would allow the People’s Republic of China (“China”) to gain access to American innovation. Meanwhile, tension between the United Kingdom (UK) and the European Union (EU) flared this past week over fishery rights with an English Channel island, Jersey. The UK hosted Group of Seven (G7) meetings and focused on climate change, Viet Nam and India. And the European Commission released its long-anticipated proposed regulation related to distortive foreign subsidies, along with its update to the EU’s Industrial Strategy.