Brussels and Beijing are close to concluding an investment agreement

Brussels and Beijing are close to concluding an investment agreement

According to media reports, the European Union (EU) and China are close to reaching a long-awaited investment agreement. The agreement, which they are due to complete this week, will give EU companies better access to the Chinese market and improve conditions of competition. Negotiations on an investment agreement began in 2014, but were stuck for several years due to a number of contentious issues. However, growing trade tensions between the US and China are likely to have helped change China's position. The bbc.com portal informs about it. According to several reports, the agreement will open up the Chinese industrial sector to European Union companies, as well as construction, advertising, air transport and telecommunications. One of the points of contention was China's requirements for access to the EU energy market due to its sensitivity to national security. The agreement is expected to give Beijing access to a small part of the European renewable energy sector on a reciprocal basis. The agreement also aims to remove barriers to investment in China, for example in the area of ​​joint venture requirements. Following the conclusion of the expected agreement, it will have to be ratified by the European Parliament, and this process is likely to start in the second half of next year.