Shu Jueting, spokesperson from China's Ministry of Commerce

China and the EU have been carrying out technical work, including legal reviews, since negotiations over a bilateral investment treaty were completed at the end of 2020, preparing for the deal's signing and ratification, Shu Jueting, a spokesperson for the Ministry of Commerce (MOFCOM), told reporters on Thursday.

The China-EU Comprehensive Agreement on Investment (CAI) is a balanced, high-level, mutually beneficial and win-win deal, the signing of which at the earliest possible time suits the common interests of both sides, Shu said in response to a question from the Global Times about whether progress on the treaty would be advanced at an upcoming summit.

"The EU will hold a summit with China on April 1 in an attempt to diffuse growing tensions between the two," Reuters reported, citing European Commission Vice-President and EU trade chief Valdis Dombrovskis.

China stands ready to work with the EU to push for the investment deal to be ratified and come into force, and therefore the deal will benefit companies and people from both sides as soon as possible, the MOFCOM spokesperson said.

During the first two months of 2022, the EU regained its position as China's top trading partner, with bilateral exports and imports growing 12.4 percent to 874.64 billion yuan ($138.34 billion), accounting for 14.1 percent of the country's total trade, customs data showed. 

In comparison, China's trade with the ASEAN increased by 10.5 percent to 870.47 billion yuan during the period. 

The MOFCOM's latest remarks indicate that both sides are still hoping to make headway on the CAI, although the deal still faces some challenges in moving forward, Cui Hongjian, director of the Department of European Studies at the China Institute of International Studies, told the Global Times on Thursday. 

In May 2021, the European Parliament voted through a motion to freeze the ratification process, putting the brakes on ratifying the massive deal that is envisioned to assist the 27-nation bloc's economic recovery amid lingering COVID-19 woes.

There remain different opinions within the European Parliament as to whether to revoke the unilateral freeze, Cui said.

It would require procedural efforts for the parliament to change its stance, he noted, downplaying the possibility of a course reversal in the near future.

The CAI talks kicked off in late 2013, with 35 rounds of official negotiations held before the two sides completed negotiations on the mega investment deal at the end of 2020.

Global Times