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Brussels concluded an investment agreement with China on ice sanctions

Brussels concluded an investment agreement with China on ice sanctions

Because of the ice sanctions, Brussels has given an investment agreement, which it agreed with China at the end of last year. And Agence France-Presse referred to today’s statement made by European Commission Vice President Valdes Dombrovskis.

We have now, to some extent, suspended the political efforts from the European CommissionEuronews said, “Dombrovskis said in an interview with Agence France-Presse that the future of the agreement is uncertain due to the recent diplomatic row between Brussels and Beijing.”

In March, the European Union imposed sanctions on China for the first time in more than 30 years. The package, which was proposed in coordination with the Western Allies, targeted four Chinese officials and one entity alleged to be involved in alleged human rights violations against a Muslim minority of Uighurs.

Chinese authorities responded shortly after the European Union sanctions were published with retaliatory sanctions. Among them are members of the Political and Security Committee of the Council of the European Union, of which all member states are represented. The list also includes five members of the European Parliament and many European politicians and analysts critical of Europe. Beijing also imposed sanctions on a number of British, American and Canadian lawmakers.

The agreement must be ratified by the European Parliament. However, some of the big factions, socialists, liberals and Greens, agreed not to grant the Greens as long as the sanctions lasted. They hold 45 percent of the vote in Parliament.

The investment agreement aims to facilitate mutual market access for investors from both regions. Negotiations for the agreement began in 2014, but then stalled for several years.

Thanks to the agreement, European companies will be licensed to operate in China in sectors such as electric cars, private hospitals, real estate, advertising, maritime transport, cloud services for telecommunications, airline reservation systems and ground handling. Some of the existing requirements would be removed, such as that companies must operate in a joint venture with a Chinese partner.

Source: CTK, Reuters, AFP

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