EU and China Reach Understanding on Hybrid Electric Vehicle Trade in Beijing
According to the South China Morning Post, the European Union and China reached an understanding regarding trade in hybrid electric vehicles during extensive negotiations in Beijing on Friday. The parties also agreed to continue discussions on tariffs and rare earth mineral exports.
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Based on reporting by South China Morning Post:
China's commerce ministry announced in a statement that the European Union and China achieved an understanding concerning trade in hybrid electric vehicles during lengthy negotiations held in Beijing on Friday.
Beijing indicated its readiness to maintain the fast-tracking of licenses for the export of rare earth minerals to Europe. Furthermore, the two sides plan to persist in negotiations aimed at lowering tariffs and establishing minimum price agreements, which would permit Chinese electric vehicles to enter the European Union market with a reduced duty rate, as reported by the statement.
Minimal specific information was disclosed regarding the nature of the agreement reached on hybrid automobiles. EU trade chief Maros Sefcovic, who met with Chinese Commerce Minister Wang Wentao and Vice-Premier He Lifeng, had been urging Beijing to place a cap on the exports of these vehicles because the volume of shipments to Europe had increased significantly in recent months.
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