Expert supports political will of EU, China to reach investment agreement

The German Mechanical Engineering Industry Association (VDMA) supports the political will of the European Union (EU) and China to reach an investment agreement by the end of this year, an expert from the association said Monday.

"Especially in times of global protectionism, which has been exacerbated by the Corona (COVID-19) pandemic, we need a positive signal for international trade," VDMA Executive Director Thilo Brodtmann said in a statement.

Brodtmann's remarks came after the China-Germany-EU leaders' meeting was held on Monday via video link.

During the meeting, Chinese and EU leaders stated their commitment to speeding up the negotiations of the China-EU Bilateral Investment Treaty to achieve the goal of concluding the negotiations within this year.

The EU and China have been negotiating an investment agreement since 2013, Brodtmann said, adding that the hopes raised by the virtual summit must be followed by action.