China, EU should use political will, wisdom in trade talks

Chi Fulin, president of China Institute of Reform and Development has urged on Monday in Lisbon that Beijing and Brussels should inject "ample political will and wisdom" to start free trade agreement talks. [Photo provided to China Daily]

Beijing and Brussels should inject "ample political will and wisdom" to start free trade agreement talks to tap huge potentials of bilateral cooperation as the global economy faces daunting downturn challenges, an advisor for Chinese government urged.

"With both China and European Union facing challenges of development, we should focus on how to unleash the potentials of both sides, instead of being hesitant to remove barriers," said Chi Fulin, president of China Institute of Reform and Development.

Chi, an advisor with the governmental panel offering suggestions for China's 13th Five-year (2016-20) national program, made the remarks at a seminar on China's economic outlook in Lisbon on Monday organized Chinese embassy in Portugal.

Chi said China and EU have been discussing about kicking off free trade feasibility research but so far no action has been taken. "So it is high time for both sides to get down to business," said Chi during an interview with China Daily on phone.

Brussels is still doing an internal assessment on whether China should be granted market economy status by the end of this year, although Beijing feels accession should be automatic, in line with the World Trade Organisation treaties it signed.

Right now, China and the EU have been negotiating bilateral investment treaties to penetrate each other's market. "Ideally both sides should combine investment and free trade talks together and we need these determined actions in one shot," said Chi.

Since President Xi Jinping's visit to European Union headquarters in 2014, seeking a partnership based on peace, growth, reform and civilization, between China and EU, Chi and his team have been working on a free trade feasibility study.

"My institute is busy with our European partners in preparing our kick-off meeting on free trade treaties in first half of this year," said Chi.

To contact the reporter: fujing@chinadaily.com.cn