EU should not let investment deal be hijacked: China Daily editorial

After China took countermeasures in response to the European Union's sanctions against Chinese officials and an entity based on lies about the Xinjiang Uygur autonomous region, the EU parliament canceled a scheduled meeting to discuss the China-EU Comprehensive Agreement on Investment.

The purpose is clear: To pressure China on political issues by weaponizing the CAI, a deal that is in the interests of both sides.

It is a move that will hurt the EU's own interests. European Commission Executive Vice-President Valdis Dombrovskis has rightly praised the agreement as providing "a clear and enforceable framework of rules, which will give EU businesses greater access and more certainty when investing in China".

The reason the agreement is being kidnapped for political purposes in this way is because of certain European politicians' ill will toward China. It is not the EU versus China, but certain European politicians' interests hurting the whole business interests of the EU.

If the investment deal is curbed for political reasons, that will mean the EU loses an opportunity for further development in the Chinese market.

The deal is enthusiastically supported by the European business community, which has been a strong advocate for it. And it is time for those EU politicians who are working for the common good of the bloc to speak up in its defense.

The two sides concluded their long negotiations on the CAI last year, as well as signing an agreement on geographical indications. Also last year, China replaced the United States as the largest trade partner of the EU. It is also the only one of the EU's top 10 trade partners with which there was a two-way growth in trade. All of which proves that China-EU cooperation has broad and promising prospects.

The CAI is an equal agreement between the two sides that benefits both, not a "gift" from the EU to China. Its rules are balanced, mutually beneficial, and its ratification will create an environment of fair competition in both China and the EU. It is clearly in the interests of the EU and its people. It should not be held hostage to the selfish interests of some politicians. The EU should not let the tail wag the dog.

It should drop the sanctions against the Chinese officials and entity, and go ahead with the investment treaty, on which the necessary legal review work is now being carried out.

Covering market access, disciplines on fair competition and commitments on sustainable development, the deal is a one-of-a-kind agreement, whose consent process is expected to take anywhere between six months to two years to complete. It is to be hoped that the ratification can proceed smoothly and the deal can be promptly implemented as it would bolster trust in the rules-based international trade system and strengthen confidence in the global economy's post-pandemic recovery.