The investment treaty between China and the European Union is a comprehensive, balanced and advanced agreement that is based on high-level international economic and trade rules, and focuses on institutional openness, the Ministry of Commerce said late Wednesday.
The ministry made the remarks after China and the EU concluded the negotiations of the bilateral investment deal in principle, after more than seven years of talks. The progress was announced during the China-EU leaders' meeting via video conference on Wednesday.
The treaty covers areas far beyond traditional bilateral investment agreements, and the result of the negotiations covers four areas: market access commitments, fair competition rules, sustainable development and dispute settlement, said Li Yongjie, director-general of department of treaty and law at the commerce ministry.
The official said that the aspect of balance is mainly reflected in that both sides have come up with high-level and mutually beneficial market access commitments, and all rules apply in both directions.
Both sides have made open commitments while at the same time paying great attention to retaining the necessary regulatory powers. They have not only focused on promoting bilateral investment cooperation, but also emphasized that investment needs to be conducive to sustainable development, she said.
The high level standard of this treaty can also be reflected in the joint commitment of both parties to promote investment liberalization and facilitation, create a level playing field for companies, and reach high-level negotiation results in market access and fair competition rules, said Li, adding the pact will benefit Chinese and European companies, as well as global companies.