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The European Union (EU) and China have a long and complex trade relationship. China is the EU's second-largest trading partner, after the United States. The EU is China's largest trading partner.
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The EU and China established diplomatic relations in 1975. The two sides signed a trade and cooperation agreement in 1985. This agreement was upgraded to a comprehensive strategic partnership in 2003.
The EU-China trade relationship has grown rapidly in recent years. In 2021, the total value of trade between the EU and China was €696 billion. This represents a 27% increase from 2020.
The key trade goods and services exchanged between the EU and China include:
The EU-China trade relationship has benefited both economies. The EU has benefited from access to China's large and growing market. China has benefited from access to the EU's advanced technology and expertise.
The EU-China trade relationship has also helped to create jobs and boost economic growth in both economies.
The EU-China trade relationship also faces some challenges. One challenge is the trade imbalance between the two economies. The EU has a trade deficit with China, which means that it imports more goods and services from China than it exports to China.
Another challenge is the issue of intellectual property rights. The EU has accused China of infringing on the intellectual property rights of European companies.
The EU-China trade relationship is also affected by geopolitical tensions. For example, the EU has imposed sanctions on China in response to China's human rights abuses in Xinjiang.
The EU-China trade relationship is complex and challenging. However, it is also a very important relationship for both economies.
The EU and China need to work together to address the challenges in the relationship and to ensure that it continues to benefit both economies.
