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Daily News Egypt
2 days ago
- Business
- Daily News Egypt
EU, China agree on rare earths, climate but divisions remain on trade, Ukraine
The European Union and China agreed at their 25th summit in Beijing on a new mechanism to help facilitate the export of rare earth elements and issued a joint statement on combating climate change, but divisions over issues including bilateral trade and the Russia-Ukraine conflict will require further talks to be addressed. The issue of rare earth metal supply chains has become an increasingly significant topic in global discussions. During a high-level meeting with Chinese President Xi Jinping on Thursday, European Commission President Ursula von der Leyen said the EU was 'not seeking to decouple or cut supply chains with China, and welcomes Chinese companies to invest and do business in Europe'. Following the summit, von der Leyen elaborated on the new agreement at a press conference in Beijing. 'We have agreed on an enhanced export supply mechanism. In other words, if bottlenecks arise, this mechanism can immediately intervene to examine and solve the problem or issue at hand,' she said. Chinese customs data shows that China's magnet exports to the EU accounted for about half of its total shipments in June, the highest rate this year, with more licences having been granted in accordance with laws and regulations. Earlier, during a European tour on July 3, Chinese Foreign Minister Wang Yi said that 'the export of rare metals will not become a contentious issue between China and the European Union'. He added that it is the right and international responsibility of any sovereign state to impose necessary regulations on dual-use goods, which can be used for both civilian and military purposes. Wang also noted that the Chinese government had established a 'fast-track' mechanism to facilitate exports to European companies. Feng Chongping, director of the Institute of European Studies at the Chinese Academy of Social Sciences and president of the Chinese Society for European Studies, said: 'The Europeans always talk about 'de-risking', but they immediately follow it with 'no to decoupling', because decoupling is impossible.' He added that the two sides share deep economic interests. 'The European economy cannot do without China. Europe, as China's second-largest trading partner, is one of its most important export markets.' A 'crucial juncture' or a 'turning point'? The European Chamber of Commerce in China on Friday welcomed the outcomes of the EU-China summit, saying in a statement that the meeting had 'exceeded expectations'. It highlighted several positive developments, including the joint statement affirming a mutual commitment to combating climate change and the establishment of the enhanced export supply mechanism. Jens Eskelund, president of the European Chamber of Commerce in China, said the 50th anniversary of the establishment of diplomatic relations between the EU and China presented an opportunity not only to acknowledge successes but also to conduct a 'maintenance check' on the relationship. During the summit in Beijing on July 24-25, held to mark the 50th anniversary of diplomatic relations, President Xi said that China-EU relations had reached 'another crucial juncture in history', while von der Leyen described the relationship as being at a 'turning point'. On the same day, China's Ministry of Foreign Affairs announced that the two sides had reached several important agreements, particularly in the fields of climate change and export controls. Croatian Foreign Minister Gordan Grlić Radman, during a visit to China before the summit, said that competition exists, 'but cooperation is the only option to ensure the future of the next generations'. 'There may be differences between China and the European Union, but we need dialogue to keep communication channels open and achieve a balanced, equal and mutually beneficial relationship by reducing trade and investment barriers,' he added. China's ambassador to the EU, Cai Run, said that 'some frictions are inevitable, but resolving differences requires political sincerity and strategic resolve', stressing that economic and trade cooperation remains the cornerstone and main driver of China-EU relations. Division over the war in Ukraine European leaders often view their relationship with China through the prism of the Russia-Ukraine war. On July 21, China's foreign and commerce ministries condemned unilateral EU sanctions on Chinese banks and companies over Russia, vowing to take necessary measures to protect their legitimate rights. In February, Foreign Minister Wang Yi reiterated that China-Russia relations are characterised by 'not being an alliance, not a confrontation, and not targeting any third party'. When asked about European pressure on China to stop buying gas from Russia, Wang questioned: 'If China does not import oil and gas from Russia, how can it meet the needs of more than 1.4 billion people?'. Feng Chongping noted that moving forward in China-EU relations cannot ignore problems and challenges, but said that some European media and analysts focus only on the negatives. 'These challenges and problems actually show where the common interests between China and the EU are concentrated,' he said. Climate change and technology Following the summit's conclusion, von der Leyen posted on X, formerly Twitter: 'China-EU cooperation on climate can set a global benchmark, and we will work together to make COP30 a success'. On Friday, United Nations Secretary-General António Guterres welcomed the commitment by China and the EU to deepen cooperation on tackling climate change and supporting a just global transition. On the same day, Chinese foreign ministry spokesman Guo Jiakun praised the joint statement on climate, considering it an expression of a shared commitment to addressing climate issues and promoting green development. 'Although the EU sees great competition with China, China is considered an indispensable partner on the climate file,' Feng Chongping said in an interview, confirming that cooperation between the two sides in this area is proceeding well. In the joint statement, China and the EU pledged to accelerate the global deployment of renewable energy, promote the flow of high-quality green technology and products, and make them available, affordable and suitable for all countries, including developing nations. The two sides also agreed to enhance bilateral cooperation in areas such as energy transition, climate change adaptation, methane emissions control, carbon markets, and green and low-carbon technologies. Both parties committed to submitting their 2035 Nationally Determined Contributions (NDCs) before the UN Climate Change Conference, COP30. The joint statement did not mention the United States, which is set to withdraw from the Paris Agreement again in January 2026 after the re-election of President Trump and his administration's submission of a formal withdrawal request.
South China Morning Post
15-07-2025
- Automotive
- South China Morning Post
Vietnam to ban fossil-fuel motorcycles in Hanoi to combat pollution
Vietnam will ban fossil-fuel motorcycles and mopeds in the heart of the capital, Hanoi, starting next July, as part of a nationwide effort to curb air pollution, state media reported. The directive issued by Vietnamese Prime Minister Pham Minh Chinh applies to the area inside and along the main ring road that encircles the centre of Hanoi. The local government has been tasked with phasing out the two-wheelers by the deadline. Like the rest of Vietnam, motorcycles are the main mode of transport for most of Hanoi's 8 million residents. The city has nearly 7 million motorcycles and just over a million cars. But as incomes rise and more people switch to private vehicles, air pollution from traffic has become a growing concern. Hanoi is often enveloped in thick smog, ranking among the most polluted cities worldwide. Vietnam also wants to switch from fossil fuel to electric vehicles to cut pollution and tackle climate change. Local EV maker VinFast is leading the shift by holding nearly a fifth of the market share, according to the European Chamber of Commerce. But it still has only a small share of the two-wheeler market. A man rides a motorbike on a street in Hanoi, Vietnam. Some Vietnamese are worried the ban will hit the working class the hardest. Photo: EPA But many are concerned about the unclear plan for phasing out the vehicles.
Fibre2Fashion
01-07-2025
- Business
- Fibre2Fashion
European bizs optimistic about Vietnam's long-term growth: Eurocham
European businesses continue to have strong confidence in Vietnam's long-term economic prospects despite global market turbulence and some delays in domestic reforms, according to the latest business confidence index (BCI) report released by the European Chamber of Commerce (EuroCham) in Vietnam. European businesses in Vietnam are showing remarkable resilience as international trade tensions mount and supply chains remain under pressure. For the second quarter (Q2) this year, BCI slightly dropped to 61.1, reflecting heightened global uncertainty. European businesses continue to have strong confidence in Vietnam's long-term economic prospects despite global market turbulence and some delays in domestic reforms, and report limited direct financial impact, a report by EuroCham said. Only 11 per cent of respondents foresee a negative outlook in the coming months. The overall sentiment, however, remains one of cautious optimism. The overall sentiment, however, remains one of cautious optimism, with the country still viewed as a resilient and promising investment destination. Seventy-two per cent of surveyed enterprises said they would recommend Vietnam as an investment destination with long-term potential, a domestic news agency reported. Among the key factors influencing sentiment is the unresolved impact of US tariffs. Following the third round of Vietnam-US trade negotiations in June with no definitive outcomes, uncertainty over tariff adjustments continues to weigh on strategic planning, particularly for companies managing cross-border supply chains. In fact, only 11 per cent of respondents foresee a negative outlook in the coming months, while 39 per cent remain neutral and 43 per cent still rate their business prospects as 'good' or 'excellent'. This suggests that most companies are adopting a prudent 'wait-and-see' approach rather than anticipating a downturn. Despite global headwinds, European companies in Vietnam report limited direct financial impact. Just 15 per cent of businesses said they had experienced net negative outcomes like penalties, cancelled orders, or price renegotiations. Meanwhile, 70 per cent reported no significant disruptions, and 5 per cent even noted net gains. Fibre2Fashion News Desk (DS)
Straits Times
22-04-2025
- Business
- Straits Times
Singapore, EU have common grounds to forge deeper links, says Tan See Leng
European Chamber of Commerce president Jens Rubbert (left) in a fireside chat with Minister for Manpower Tan See Leng at the European Chamber of Commerce Singapore's (EuroCham) annual general meeting on April 22. PHOTO: EUROCHAM Singapore, EU have common grounds to forge deeper links, says Tan See Leng SINGAPORE – Singapore sees opportunities to deepen collaboration with the European Union, such as in digital trade and the green economy, Minister for Manpower Tan See Leng told guests at the European Chamber of Commerce Singapore's (EuroCham) annual general meeting. Both Singapore and the EU have strong digital ecosystems, and are committed to achieving net-zero carbon neutrality by 2025, said Dr Tan, who is also Second Minister for Trade and Industry. The groundwork is there, with the EU-Singapore Digital Trade Agreement signed in 2024. The pact, the first bilateral digital economy agreement between the EU and an Asean country, provides greater certainty and clarity for Singapore businesses and citizens to engage in cross-border trade in the area, said Dr Tan. He added that Singapore and the EU could find joint opportunities in green finance, standards, technology and innovation. The event on April 22 at Jen Hotel Tanglin was attended by more than 100 members of the chamber, as well as the EU ambassador to Singapore, Ms Iwona Piorko, and Mr Jens Rubbert, president of the European Chamber of Commerce. In a fireside chat with Mr Rubbert, who asked how Singapore plans to keep itself attractive to European investments, Dr Tan said Singapore offers consistency through a stable political environment. Referring to the Singapore general election's Nomination Day, which falls on April 23, Dr Tan said: 'I know we are on the eve of the hustings. We (the ruling party) certainly hope that we will come back. But regardless of who's in charge, this consistency is in our civil service, our civil servants.' And while Singapore is not a low-cost location due to its limited land size, it compensates with efficiency and a transparent tax regime. Singapore also has a reputation for safety, credibility, and openness to global talent, he added. Dr Tan also urged the EU to consider trade agreements with members of Asean. 'The good thing about Asean is that we actually still have a population pyramid,' he said, citing as examples Indonesia, Vietnam and the Philippines, which have growing and educated youth populations. At the regional level, Singapore would like to work more with the EU under the umbrella of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). CPTPP and the EU account for 30 per cent of global output. The EU ranks second as Singapore's trading partner for services and fourth for goods, while Singapore is the EU's largest trading partner in Asean. The two parties have a bilateral free trade pact, and trade more than €130 billion (S$195 billion) in goods and services between them as at 2022. Amid global trade tensions, Dr Tan stressed Singapore's commitment to open trade, and called for continued engagement with European businesses, which has added to job growth for Singaporeans. There are over 14,000 European companies in Singapore, many using it as a regional hub, logistics and distribution centre. Dr Tan added that foreign firms make up 20 per cent of companies here but provide nearly a third of jobs and a significant share of high-paying positions, while also supporting local small and medium-sized enterprises that mostly hire locals. These firms contribute an 'outsized share' of higher-paying jobs, employing six in 10 residents who earn a gross monthly income of above $12,500, he said. The Government invests in developing local talent through initiatives like Workforce Singapore's Career Conversion Programmes and the Overseas Market Immersion Programme (OMIP), with support from EuroCham. It also attracts global talent via schemes such as the Overseas Networks and Expertise Pass, with about 3,000 passes issued in 2024. In his closing remarks, Dr Tan said Singapore remains a credible, consistent and committed partner, with clear, transparent and predictable rules. 'What you see is what you get... The protection of your IP (intellectual property) is in a safe, stable, secure environment. And we will always be open to global talent,' he said. Join ST's Telegram channel and get the latest breaking news delivered to you.
