Chinese President Xi Jinping is wrapping up his official European
tour. His hosts have pampered the head of state and his 200-strong
business entourage as the two huge economic blocs work towards a
multi-billion dollar free trade agreement.
The world’s second-biggest economy is a strategic ally for the
EU, especially as relations with Moscow have become frosty over action in Ukraine.
Europe is snuggling up to Chinese industry, concerned the ongoing dispute between the EU and Russia over Ukraine could affect trade relations. China is pushing a multi-billion dollar free-trade agreement with Europe’s $17 trillion economy, focusing on Germany, the most important partner within the EU. Net trade is only higher with the USA.
In return, the EU wants China to open up investment opportunities, which will attract more foreign money to China.
The tour began in the Netherlands, with legs in France, Germany, and Belgium, meeting with US President Barack Obama on the sidelines of the nuclear summit in The Hague.
Annual trade between China and the EU is $588.6 billion, according to the most recent European Commission data.
China’s annual GDP is $8.6 trillion, but grouped together the 28-state EU is the World's number one ranked in terms of GDP ( $ 16,67 trillion), followed by the US GDP of $16,24 trillion giving both the EU and the US each a GDP which is twice that of China. Russia's GDP presently stands at $ 2.02 trillion
EU-Digest
The world’s second-biggest economy is a strategic ally for the
EU, especially as relations with Moscow have become frosty over action in Ukraine.Europe is snuggling up to Chinese industry, concerned the ongoing dispute between the EU and Russia over Ukraine could affect trade relations. China is pushing a multi-billion dollar free-trade agreement with Europe’s $17 trillion economy, focusing on Germany, the most important partner within the EU. Net trade is only higher with the USA.
In return, the EU wants China to open up investment opportunities, which will attract more foreign money to China.
The tour began in the Netherlands, with legs in France, Germany, and Belgium, meeting with US President Barack Obama on the sidelines of the nuclear summit in The Hague.
Annual trade between China and the EU is $588.6 billion, according to the most recent European Commission data.
China’s annual GDP is $8.6 trillion, but grouped together the 28-state EU is the World's number one ranked in terms of GDP ( $ 16,67 trillion), followed by the US GDP of $16,24 trillion giving both the EU and the US each a GDP which is twice that of China. Russia's GDP presently stands at $ 2.02 trillion
EU-Digest
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