Latest news with #diplomatic relations
Yahoo
2 hours ago
- Business
- Yahoo
China and the EU: Partners for mutual success
This year marks the 50th anniversary of the establishment of diplomatic relations between China and the European Union. Over the past half-century, China-EU relations have withstood the tests of global changes and maintained a stable momentum of development. This enduring partnership has strongly supported mutual progress and brought tangible benefits to nearly two billion people in China and Europe. The prospects for pragmatic China-EU cooperation remain broad. As China advances toward high-quality development and actively boosts domestic demand, European businesses are finding ample space to expand in the Chinese market. A large number of EU companies have invested in China, witnessing the country's reform and opening-up as well as the development of Chinese modernisation, while also reaping substantial returns. In the early 1980s, German automobile manufacturers were among the first to seize market opportunities by investing and building factories in China. Today, brands such as BMW, Mercedes-Benz, and Volkswagen derive over 30% of their global sales from the Chinese market, with profits in China reaching up to 30 times those earned in their domestic markets. In sectors such as chemicals, optics, aerospace and aviation, European products account for more than 30% and in some cases over 50% of China's total imports. In Europe, Chinese companies have leveraged their infrastructure strengths, utilising EU funds and complying with EU standards to deliver the 2,440-metre-long Pelješac Bridge in Croatia with high quality. The Hungary-Serbia Railway, China's first high-speed rail project in Europe, increased the local train speed from 50 km/h to 200 km/h, creating a fast track for improving the quality of life for local communities. New stage for China's investment in Europe China's investment in Europe has entered a new stage. Since the early 2000s and accelerating after 2009, China's cumulative investment in Europe has exceeded $100 billion, and annual investment flows are now roughly on par with EU investment in China. By the end of 2023, China had established over 2,800 directly invested businesses across all 27 EU member states, employing more than 270,000 local workers. Since the establishment of the China-CEEC cooperation mechanism in 2012, Chinese enterprises have shown strong interest in investing in Central and Eastern European countries across a wide range of sectors. According to incomplete statistics, total investment has exceeded $24 billion. For example, the acquisition of Volvo by a Chinese company revitalised the Swedish automaker and enabled its strong growth, with global sales rising from 374,000 units in 2010 to 763,400 in 2024. Similarly, the Piraeus Port in Greece, revitalised through Chinese investment, has emerged from crisis and decline to regain vitality. It now ranks as the fourth-largest port in Europe following Rotterdam, Antwerp and Hamburg. The project has created 4,300 direct local jobs and generated €1.4 billion in economic output, accounting for approximately 1% of Greece's GDP. It stands as a vivid example of China-EU solidarity in times of difficulty and a model project under the Belt and Road Initiative. China-EU green cooperation contributes to the economic transformation of both sides. This year marks the 10th anniversary of the Paris Agreement and the 20th anniversary of the China-EU Climate Change Partnership. The two sides have achieved fruitful results in cooperation in areas such as environment, energy, circular economy, and water resources, effectively advancing respective green and low-carbon development while making positive contributions to global sustainable development. In recent years, China's electric vehicle and new energy battery industries have become key drivers of a new wave of investment in Europe, further strengthening the bonds of cooperation and injecting strong momentum into China-EU collaboration in the green and low-carbon sector. Companies such as CATL and Gotion High-Tech have established factories in Europe, providing localised support to European automakers and promoting joint progress toward a green transition. In Southern Europe, China and Portugal have deepened cooperation in the photovoltaic and lithium battery sectors, supporting Portugal's goal of achieving 22 GW of solar installed capacity by 2030. In northern Europe, a China-Finland joint venture is set to launch Finland's first lithium battery materials plant, expected to begin operations in 2027. China has built the world's largest and most environmentally friendly car carrier, as well as the world's first 7,500-cubic-meter liquid CO2transport ship for Norway. Meanwhile, Sinopec Green Energy Geothermal Development, a China-Iceland joint venture, has developed multiple 'smoke-free cities' in China through geothermal heating. In central and eastern Europe, multiple Chinese electric vehicle and power battery companies, both upstream and downstream, have established manufacturing facilities. A growing number of sustainable energy projects involving Chinese enterprises are increasingly delivering environmental benefits. Projects such as the Ivovik Wind Farm in Bosnia and Herzegovina, the Korl at Solar Park — Croatia's largest photovoltaic power project — and a solar power station in southeastern Romania are all helping reshape local energy mixes. In China, Volkswagen Anhui has integrated the 'zero-waste' concept across its entire production process, contributing to China's pursuit of sustainable development and harmonious coexistence between humanity and nature. Scientific and technological cooperation steadily advancing China-EU scientific and technological cooperation is advancing steadily. The Chinese government remains committed to an open and innovation-driven policy, expanding international scientific and technological cooperation and prioritising the EU as a key partner. China–France nuclear cooperation began in 1982 and has made notable progress in fusion research in recent years. China–Italy collaboration on SME innovation, China–Germany cooperation in smart manufacturing and autonomous driving have all produced concrete results. The high-level dialogue established between China and the EU in the digital field aims to jointly promote digital transformation and economic growth. China is actively engaged in dialogue with the UK and France on artificial intelligence, working together to promote inclusive AI development for good and for all. China–EU cooperation in aerospace has also been fruitful. In 2024, the Chang'e-6 mission successfully landed on the Moon carrying the European Space Agency's lunar surface negative ion analyser, France's radon gas detector, and Italy's laser retroreflector, marking the first discovery of negative ions on the Moon. China has also approved requests from France and five other European countries to access lunar samples returned by Chinese lunar exploration missions for joint scientific research that benefits all humanity. Furthermore, China and multiple EU countries, through platforms such as intergovernmental science and technology cooperation committees, are jointly supporting flagship research projects in diverse fields, including agriculture, food and biotechnology, climate change, and biodiversity. These initiatives continue to deliver outcomes that help contribute to sustainable development. Mutual success delivers benefits to people on both sides China and the EU have achieved mutual success with practical cooperation, delivering benefits to people on both sides. With deeper high-level opening-up, China places greater emphasis on meeting the growing needs of its people for a better life. European products such as dairy from Ireland and the Netherlands and olive oil from Spain have become part of the daily lives of Chinese consumers. The 'From French farms to Chinese tables' initiative has become a signature of China-France cooperation, enriching Chinese palates while delivering tangible benefits to French farmers. The China-EU Geographical Indications (GI) Agreement is the first comprehensive and high-level bilateral agreement on GI protection that China has signed, marking a milestone in China-EU cooperation on intellectual property rights. Since its entry into force, premium products like Anji white tea, Jinhua ham, Zhouzhi kiwifruit, and French champagne have entered each other's markets, helping preserve cultural and natural heritage and injecting new momentum into deeper China-EU collaboration. As of June this year, the China-Europe Railway Express had operated over 110,000 trips, transporting goods worth more than $450 billion and connecting 229 cities across 26 European countries, significantly enhancing connectivity across the Eurasian continent. His Excellency Ambassador Cai Run is Head of the Chinese Mission to the EU.
South China Morning Post
18 hours ago
- Business
- South China Morning Post
Can China get the US out of the way of better ties with Europe?
This year marks half a century of formal diplomatic relations between China and the European Union as well as the 25th anniversary of the founding of the European Union Chamber of Commerce in China. In this, the first of a series of reports examining ties between the two powers, Shi Jiangtao looks at the influence the United States has on the relationship. China has ramped up efforts to mend ties with the European Union ahead of a planned bilateral summit later this month, seeking to capitalise on transatlantic disaffection to promote EU cooperation and counter Washington's unilateralism. But while Beijing's conciliatory overtures to Brussels are distinct from its adversarial stance towards Washington, a long-awaited reset in China-EU ties remains largely out of reach. Brussels has taken a cautious de-risking approach towards Beijing, shaped by its complex alignment with Washington and persistent concerns over China's global rise. Progress is also constrained by structural mistrust, diverging global priorities and Beijing's strategic tilt towards Moscow amid Russia's invasion of Ukraine In the absence of substantive shifts in strategic posture from either side, observers warn of missed opportunities to recalibrate the partnership for this year's landmark 50th anniversary of China-EU diplomatic relations. 01:02 J.D. Vance says 'threat vis-a-vis Europe is not Russia, it's not China' J.D. Vance says 'threat vis-a-vis Europe is not Russia, it's not China' Hopes were initially high for this year's China-EU summit, scheduled for Beijing on Thursday, particularly as surging trade and geopolitical tensions forced the event's cancellation last year.
Yahoo
2 days ago
- Business
- Yahoo
Pakistan's Finance Minister in US to Push for Trade Deal
(Bloomberg) -- Pakistan's Finance Minister held meetings with US officials on Friday to negotiate Washington's demands as part of trade talks ahead of an August deadline. Why the Federal Reserve's Building Renovation Costs $2.5 Billion The Dutch Intersection Is Coming to Save Your Life Milan Corruption Probe Casts Shadow Over Property Boom Mumbai Facelift Is Inspired by 200-Year-Old New York Blueprint How San Jose's Mayor Is Working to Build an AI Capital A delegation led by Muhammad Aurangzeb held a 'productive meeting' with US Secretary of Commerce Howard Lutnick and US Trade Representative Jamieson Greer in Washington, according to a statement by Pakistan's government, confirming a visit that was earlier reported by Bloomberg News. 'Both parties expressed optimism that ongoing trade talks would yield positive outcomes, benefiting the economies of both countries,' the statement said. Pakistan had earlier expected to wrap up a trade deal with the US by early July, but the talks are taking longer than expected. Relations between Islamabad and Washington are showing signs of improvement in recent months after a prolonged diplomatic chill. Last month, US President Donald Trump welcomed Pakistan's army chief, Asim Munir, for rare talks at the White House that was followed by Pakistan recommending Trump for a Nobel Peace Prize. Pakistan, which is warming up to the crypto industry, also signed a letter of intent with Trump family's World Liberty Financial in April to accelerate blockchain adoption in the country. Since Munir's visit, trade negotiations have made 'encouraging headway,' the finance ministry said in a statement earlier this week. Pakistan has a relatively small trade deficit of $3 billion with the US compared with many other nations. Pakistan is trying to appease the US to seek reprieve from the 29% reciprocal tariffs initially imposed by Trump. The South Asian nation, already the second-largest buyer of US cotton by value after China, has offered to boost imports of American cotton and soybeans. The US is the largest export market for Pakistan. (Updates with statement from the Government of Pakistan.) A Rebel Army Is Building a Rare-Earth Empire on China's Border Thailand's Changing Cannabis Rules Leave Farmers in a Tough Spot How Starbucks' CEO Plans to Tame the Rush-Hour Free-for-All What the Tough Job Market for New College Grads Says About the Economy Godzilla Conquered Japan. Now Its Owner Plots a Global Takeover ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
France 24
5 days ago
- Politics
- France 24
Brazil's Lula calls Trump's tariff threat 'unacceptable blackmail'
Lula's comments during a nationally televised speech were the latest in series of tense exchanges between the leaders, with the US president launching especially blistering attacks on the government in Brasilia. Trump announced on July 9 his intention to slap steep tariffs on Brazil as punishment for what he termed a "witch hunt" against his far-right ally, former president Jair Bolsonaro. The United States has also said it is investigating Brazil's "unfair trading practices," and Brasilia said it was committed to negotiations. The tariffs on all products from Brazil would kick in on August 1 if Brasilia and Washington do not reach an agreement. In his speech, leftist leader Lula slammed Brazilian politicians who back Trump's policies as "traitors to the homeland." He said he would continue "betting on good commercial and diplomatic relations" but warned: "Brazil has only one owner: the Brazilian people." Bolsonaro is facing trial over accusations he plotted a coup after his narrow 2022 election loss to Lula. If found guilty, he could face up to 40 years in prison. Earlier on Thursday, Trump posted a letter addressed to Bolsonaro on his Truth Social platform in which he insisted Lula's government "changes course" and "stop attacking" his political ally. "I have seen the terrible treatment you are receiving at the hands of an unjust system turned against you," Trump wrote to Bolsonaro. "I have strongly voiced my disapproval both publicly and through our Tariff policy," he added. Trump also said he was "concerned about the attacks on free speech" in Brazil and in the United States. He appeared to be alluding to the suspension in Brazil of Rumble, a video-sharing platform popular among conservative groups, over its refusal to block a user accused of spreading disinformation. 'Interference' Trump's intervention in the Bolsonaro case has improved Lula's popularity, who has appealed for national unity in the face of US "interference." Unlike the tariffs Trump is slapping on economies around the world, including top US allies, the measures against Brazil were announced in openly political terms. Brazil had not been among dozens of trade partners previously threatened with duties above a 10 percent baseline. The United States runs a goods trade surplus with Brazil, which said it had repeatedly requested that Washington point out areas of particular concern. Brazil expressed "indignation" at the stiff proposed tariff in a letter addressed to US Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer.
The National
6 days ago
- Business
- The National
Continued strength of UAE-Turkey ties is good for the Middle East
In recent years, the trajectory of relations between the UAE and Turkey has been unmistakably upward. Co-operation has expanded considerably since 2021, when Turkish President Recep Tayyip Erdogan welcomed President Sheikh Mohamed bin Zayed to Ankara, followed by Mr Erdogan's own state visit to Abu Dhabi the next year. Since then, the two countries have laid the foundations for a dynamic strategic partnership capable not only of delivering economic and diplomatic dividends for their own people, but of strengthening the Middle East as a whole. President Sheikh Mohamed underscored this potential during his visit to Ankara on Wednesday, when he said the two countries 'share a vision of strengthening regional peace and stability through diplomacy'. 'Prosperity for the region's peoples', the President said, is at the heart of their strategic partnership. It is an important message at a time when large swathes of the Middle East, from Yemen to Gaza, are benighted by conflict. Emirati and Turkish investment and diplomacy have played a pivotal role in alleviating poverty and promoting development in many of the region's poorest places – efforts that make all the more impact when the two countries work together to boost their own economies. Emirati and Turkish investment and diplomacy have played a pivotal role in alleviating poverty The UAE and Turkey have signed more than 50 bilateral agreements since 2021, covering sectors such as defence, energy, finance, health, technology and culture. The signing of their Comprehensive Economic Partnership Agreement in 2023 was particularly significant; Turkey and the UAE aim to boost non-oil bilateral trade to $40 billion by 2028. They have also co-operated closely in critical regional infrastructure projects, such as the Iraq Development Road. That speaks to another shared vision, that the underpinnings of regional peace are comprised of investments in connectivity and inclusive growth. In moments of crisis, too, UAE-Turkey ties have proved a formidable tool for recovery. Following the devastating earthquakes in Turkey and Syria in 2023, the UAE was among the first countries to offer assistance, dispatching more than $100 million in humanitarian aid to the affected region. The relationship is particularly important in the context of the broader recalibration taking place in the geopolitics of the Middle East. The region is navigating a new chapter defined less by rigid blocs and more by pragmatic diplomacy. This was evidenced recently in highly productive, direct talks this month between Azerbaijan and Armenia – whose conflict has preoccupied Turkish governments for decades – hosted in Abu Dhabi. But it has also played out in efforts by regional powers to diffuse tensions in Syria, Israel, Iran and elsewhere. In most recent cases where diplomacy has borne fruit, it is the work of regional powers that has made all the difference. In many ways, the UAE-Turkey partnership can stand as a model for others. It demonstrates that, with diligence and a clear-eyed view of the bigger picture, interests can be aligned based on economic development, political stability and mutual respect. That is a powerful approach for a region that seeks to chart a new course towards a brighter future.
