MOFCOM's spokesperson Gao Feng. Photo: Li Xuanmin/GT

China and the EU made key progress on the text of a bilateral investment agreement (BIT) concerning fair competition rules during the latest round of negotiations, paving the way for the conclusion of an agreement by the end of 2020, Chinese Ministry of Commerce spokesperson Gao Feng said on Thursday.

China and the EU held their 31st round of negotiations on an investment agreement from July 21-24, during which they held negotiations on text and lists.

"The two sides made significant progress on the text concerning fair competition rules, reflecting their widespread consensus to build a fair competition environment for companies and protect equal treatment and legal rights and interests of foreign companies in line with the law," Gao said during an online press briefing.

Gao said the two sides highly value the BIT negotiations. During the 22nd EU-China summit, which took place in June, the leaders from both sides reaffirmed their commitment to completing the talks by the end of 2020 and agreed to make maximum efforts to reach a consensus on fair competition rules.

China and the EU will accelerate negotiations on the text and market entry of the BIT, with the aim of reaching an agreement by the end of this year to benefit firms and investors on both sides, Gao said.