As far as the EU is concerned, it must recognise that the national treatment offered by China when it joins the WTO is subject to its GATS timetable, including financial services. Therefore, the EU`s requirements are WTO-plus in nature and are based on the principle of reciprocity. In other words, China has failed to meet its WTO obligations, with the exception of protecting its financial market through bureaucracy, as it has done for electronic payment services. Beyond the Phase 1 agreement, the EU must once again be pragmatic in recognising that alternative and competitive concessions, both inside and outside the financial services sector, could be a ”potential landing zone” on the basis of national treatment. After all, China remains the EU`s second largest market, with many opportunities for EU companies to use it. Germany has a very strong focus on the investment contract with China. This will be part of Merkel`s political legacy and will serve as the basis for a free trade agreement in the future. This point seems very distant indeed. Access to the financial market under the first phase agreement Finally, the EU-China agreement on China`s accession to the WTO (19 May 2000) concluded that, although China would maintain the capital ceiling of 50-50, it would offer a legal guarantee to China to avoid regulatory interference in private contracts between life insurance partners.
China immediately granted seven new licences for European life and life insurers. In addition, insurance activities were opened to foreign companies two years earlier than in China`s China-U.S. WTO accession agreement, and foreign brokers were allowed to operate in China five years after accession, without any joint venture requirement. The EU has commissioned studies to keep negotiators informed of the current trade picture, including Beijing`s willingness to compromise. The new agreement comes at an important time to symbolize confidence, content and progress in the development of trade negotiations, market access and investment between the two sides. Fact sheets, Vietnamese trade in your city, texts of agreements, stories of exporters China sees the EU above all as a counterweight to the United States, with which it is caught in a harmful trade war. It has successfully sowed division among European countries by concluding bilateral economic agreements with the shakiers within the bloc such as Greece and Italy. Nearly a decade has passed and, although some progress has been made, many tensions remain.
Today, EU officials say the chances of reaching an agreement by the end of the year – a deadline that Agatha Kratz, associate director of the research consultancy group, has described as ”futile” – are slim. European Commission President Ursula von der Leyen recently said after a high-level dialogue with Chinese President Xi Jinping: ”China must convince us that it is worth having an investment agreement.” And the EU is preparing to put in place mechanisms to protect and limit foreign investment in Europe that would operate independently of the AIC.