China has communicated the achievement of an understanding with the European Union in the commercial field that includes a specific agreement on the exchange of hybrid vehicles, of which no further details have emerged for now, as well as the continuity of the "green channel" mechanism for the export of rare earths.
The meeting, held over two days in Beijing between Wang Wentao, Chinese Minister of Commerce, and Maros Sefcovic, European Commissioner for Trade and Economic Security, concluded with the commitment of both parties to deepen their economic and commercial cooperation, according to the Ministry of Commerce of China.
This understanding incorporates an agreement regarding hybrid vehicles reached after conversations described as "intense," while, regarding electric cars, the delegations agreed to continue analyzing price commitments and production subsidies in European territory as an alternative route to the imposition of tariffs.
At the same time, Beijing has expressed its willingness to preserve the so-called "green channel" to process export licenses for rare earths destined for the EU more quickly, in line with the promise to strengthen the predictability and stability of global production and supply chains.
Brussels and Beijing have also committed to jointly study formulas that allow lifting restrictions on the trade of certain meat products from member states affected by the blue tongue disease.
In the chapter on sanitary articles, the Chinese delegation emphasized that the EU has received "with satisfaction" the progress made by the Asian giant to facilitate a greater volume of exports of such goods to the European market.
Issues related to export controls also occupied part of the agenda, and both parties agreed on the convenience of intensifying dialogue and on the relevance of sharing information about their regulatory frameworks through the publication of policy guides, promoting exchange activities between authorities and companies, and holding training programs.
"In the framework of the dialogue mechanism on export controls, both parties reached an understanding to make a prior notification before including entities on lists, increase the transparency of the inclusion and exclusion procedures of lists, and support the initiation of exclusion procedures according to their respective legal frameworks," states the document distributed by China.