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EU, China bank on trade to ward off economic slump
Brussels (AFP) May 8, 2009 China and the European Union agreed on Friday to improve cooperation on trade in the face of a dire economic crisis after two days of high-level talks, top officials said. "Trade and investment will lead us out of the current crisis," EU Trade Commissioner Catherine Ashton said. "The EU and China therefore stand together today in calling for the swift conclusion of the Doha round, which will help us trade our way out of recession," she added in a reference to the currently stalled round of WTO talks. The talks in Brussels comes as the EU and China prepare to hold a summit in Prague on May 20 where trade relations are expected to be a main feature. While the EU and China are major trade partners, frictions have been on the rise, especially with Europe opening a growing number of anti-dumping cases against Chinese industries ranging from candle-makers to screws and bolts. Meanwhile, Europe remains frustrated at obstacles to doing business in China's vast and fast growing markets and is also deeply concerned about counterfeiting. "The two sides agreed that in the face of the current severe international financial crisis, China and the EU should strengthen cooperation," China's Vice Premier Wang Qishan told journalists after the talks. "The two sides agreed to oppose protectionism in trade and investment, consolidate the already progress in the Doha round of negotiations and work for the early success of the round of negotiations," Wang said. "The two sides also reiterated their commitment to jointly advancing trade liberalization and investment facilitation and maintaining an open environment for trade and investment," he added. Share This Article With Planet Earth
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