(Bloomberg) -- A typically routine forum for trade talks between China and the European Union this weekend becomes a high-stakes test of an economic relationship involving more than $900 billion in bilateral commerce.Most Read from BloombergEx-Goldman Bankers Make a Fortune With Controversial Bet on CoalIndia Suspends Visas, Canada Pulls Diplomats Amid TensionsMcCarthy Ambushed as Republican Hardliners Change Course on Spending PlanWall Street Trading Roiled by ‘Post-Fed Hangover’: Markets Wrap‘
That’s because the EU’s ties with China are in a precarious state, and during high-level meetings over the coming days, the 27-nation bloc’s trade chief will tell Beijing concrete agreements are needed in an effort to reset the relationship. If not, things could get even worse.
The trip comes as China’s tone toward Europe has hardened following the EV probe, which Beijing called “a naked act of protectionism.” The EU is trying to strike a new balance in its strategy toward China, seeking to “de-risk” and reduce its dependency on the Asian nation while maintaining access to its market.
The EV issue is now expected to feature on the agenda of both the high-level ministerial gathering as well as in smaller, and more frank, bilateral meetings that will take place on the margins of the main event. Dombrovskis is also expected to bring up Russia’s war against Ukraine and take the opportunity to reiterate the EU’s position, as he feels it’s not fully understood by China, according to the people. He’ll also raise the issue of sanctions.
The bloc’s sanctions envoy, David O’Sullivan, told an event this past week that the “latest figures would indicate that as much as 70% of the re-export of these sensitive products is happening through China.” He added that the EU was still looking to better understand if the parts were “produced by China copying our technology, how much of it is produced in China, but with Western technology and how much is coming directly from other sources and then re-exported via China.
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