EU-China Relationship: EU, China hail 'breakthrough' trade agreement that contrasts Trump's 'America First' agenda

Chinese Premier Li Keqiang has promised the European Union Beijing will no longer force foreign companies to share sensitive know-how when operating in China, and it is ready to discuss new global trading rules on industrial subsidies.

Key points:

• China said it is ready to open up to foreign companies and end demands for trade secrets
• EU and Chinese negotiators agreed on a final communique of cooperation
• The two sides agreed to intensify talks on subsidies and pledged a deal by 2020

Marking a significant shift, Mr Li's pledge at the annual EU-China leaders' meeting last night follows similar offers to the United States, and potentially signals an opening for which European companies have long lobbied.

"European companies will enjoy equal treatment," Mr Li told a news conference following the three-hour summit in Brussels, offering to set up a disputes mechanism to handle complaints.

Summit chair Donald Tusk talked of a major turning point in the relationship between the EU and China. "It is a breakthrough", he said. "For the first time, China has agreed to engage with Europe on this key priority for WTO [World Trade Organisation] reform."

Read more at: EU, China hail 'breakthrough' trade agreement that contrasts Trump's 'America First' agenda - ABC News (Australian Broadcasting Corporation)