The EU and China have announced a long-awaited deal on an investment treaty, in a move that is aimed at opening up lucrative new corporate opportunities but risks antagonising president-elect Joe Biden’s incoming US administration.
The accord was confirmed by Chinese President Xi Jinping and EU leaders including European Commission president Ursula von der Leyen on Wednesday, bringing seven years of often difficult negotiations to a successful close.
Valdis Dombrovskis, the EU’s trade commissioner, told the Financial Times that the deal contained the “most ambitious outcomes that China has ever agreed with a third country” in terms of market access, fair competition and sustainable development.
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