China, EU vow joint efforts to uphold multilateral trading system

China and the European Union have pledged to jointly support the multilateral trading system, with the World Trade Organization (WTO) at its core, according to a statement from China’s Ministry of Commerce released on April 10.

The commitment follows a video conference between China’s Commerce Minister Wang Wentao and European Commissioner for Trade and Economic Security Maros Sefcovic on April 8. The two leaders discussed a range of topics, including boosting China-EU economic and trade cooperation and responding to U.S. "reciprocal tariffs," Caliber.Az reports, citing Chinese media.

Wang Wentao emphasized that U.S. "reciprocal tariffs" violate the legitimate interests of other countries, breach WTO rules, and undermine the multilateral trading system. He criticized the move as an example of unilateralism, protectionism, and economic bullying. Wang also warned that a trade war benefits no one, and protectionism ultimately leads to failure. He added that China would seek to resolve disputes through dialogue but would stand firm if the U.S. continues its actions.

Both sides agreed on the importance of China-EU cooperation to safeguard the rules-based trading system and promote trade liberalization, aiming to bring greater stability and certainty to the global economy.

Sefcovic, for his part, expressed the EU’s concern about the negative impact of U.S. tariffs on international trade and reiterated the EU’s willingness to work with other WTO members, including China, to ensure the smooth functioning of global trade. The EU also stressed the value of its economic and trade ties with China and its desire to enhance dialogue, market access, investment, and industrial cooperation.

The statement noted that the two sides would begin consultations on market access issues, initiate negotiations on electric vehicle pricing, and address bilateral investment cooperation in the automotive sector. Additionally, they agreed to resume the China-EU trade remedy dialogue mechanism to address trade diversion concerns and manage trade friction.

Both China and the EU also vowed to strengthen communication within the WTO framework, advocate for WTO reform, and work together to support the multilateral trading system with the WTO at its core.

By Khagan Isayev