China and the European Union have reached an “understanding” on issues regarding the trade of hybrid vehicles in accordance with the norms of the World Trade Organization (WTO).
“Elchi” reports citing “Reuters” that the Ministry of Commerce of the People’s Republic of China released information on this following the results of two-day negotiations held in Beijing.
The negotiations were attended by China’s Commerce Minister Wang Wentao and EU Trade Commissioner Maroš Šefčovič. The parties discussed measures to regulate trade imbalances against the backdrop of the EU’s trade deficit with China exceeding 1 billion euros per day.
The negotiations took place against the backdrop of an increase in the supply of plug-in hybrid electric vehicles (PHEVs) from China to Europe. In the year leading up to September, their import volume increased by 86%, prices dropped by 20%, and China’s share in this segment exceeded 50%.
Along with the automotive industry, the parties agreed to continue consultations on price undertakings for electric vehicles, explore opportunities for the mutual reduction of tariffs, and discuss access to the medical equipment market.
The next rounds of negotiations are scheduled for January and March 2027.
Məryəm