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China says it reaches ‘understanding’ with EU on hybrid cars
POLITICO.eu • • world
Key Points:
- The Chinese Commerce Ministry announced an “understanding” with the EU on the export of hybrid electric vehicles, following trade talks in Beijing led by EU Trade Commissioner Maroš Šefčovič.
- The agreement aims to address the EU’s €1 billion-a-day trade deficit with China and is consistent with World Trade Organization rules.
- Chinese hybrid electric vehicle exports have surged, making up one in eight cars sold in the EU as European automakers face challenges including job cuts and plant closures.
- The deal is seen as a significant diplomatic success for Šefčovič, who has been involved in other major negotiations such as the EU’s Brexit agreement.
- EU leaders are scheduled to review the results of the trade discussions at their upcoming meeting in Brussels next Thursday.
