Maroš Šefčovič, the European Trade Commissioner, will have a video call on Thursday, September 17, with Wang Wentao, the Chinese Minister of Commerce. This call aims to review the status of bilateral trade and efforts to reduce the European Union's daily trade deficit of one billion euros with China.
Pressure on the European Commission
The European Commission is under pressure to present the results of its efforts to improve trade relations with China at the EU leaders' summit in mid-October. This summit will provide an opportunity to discuss the trade challenges and threats that China poses to Europe's industrial base.
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This summer, the European Commission has been in closer contact with Chinese officials to take steps to reduce dependency on China in critical supply chains. This video call takes place just one day after Ursula von der Leyen, the President of the European Commission, speaks about the state of the European Union.
Planning a Trip to China
After the video call with the Chinese Minister of Commerce, Šefčovič will gather feedback from CEOs of European companies regarding the Commission's efforts to diversify supply chains. These discussions will include examining potential tools for diversifying the supply of critical goods.
A delegation of senior Commission officials, led by Ditte Juul Jørgensen, Director-General for Trade, will travel to China next week. This trip follows Šefčovič's video call and aims to further explore trade challenges and discuss future cooperation.
Given the importance of trade relations between the European Union and China, this call and the trips could have a significant impact on the future trade of both parties. The European Union is striving to reduce its dependency on China and is looking to establish more diverse and sustainable supply chains.
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