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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Politics

Politics

EU-US pledge cooperative action over China worries

A security guard walks near EU and U.S. flags, before the EU-US summit, in Brussels, Belgium June 15... A security guard walks near EU and U.S. flags, before the EU-US summit, in Brussels, Belgium June 15, 2021. REUTERS/Yves Herman
A security guard walks near EU and U.S. flags, before the EU-US summit, in Brussels, Belgium June 15... A security guard walks near EU and U.S. flags, before the EU-US summit, in Brussels, Belgium June 15, 2021. REUTERS/Yves Herman

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EU-US pledge cooperative action over China worries. A draft statement suggested that Washington and the EU will coordinate export bans on semiconductors and other items and address China’s non-market practices during a meeting this month.

On May 30-31 in Lulea, Sweden, U.S. Secretary of State Antony Blinken, European Commission Vice-President Margrethe Vestager, and other top officials will meet for the fourth EU-U.S. Trade and Technology Council (TTC).
The draft statement obtained by Reuters said the two sides would address non-market practices and economic coercion and have regular conversations to stop their companies’ expertise tied to overseas investment backing key rivals’ technologies, an indirect reference to China.

The statement barely mentions China twice and could be amended before the conference, but they will coordinate export curbs on “sensitive items” and semiconductors, including military-use equipment.

Brussels believes China is a partner, economic competitor, and strategic rival. The EU will adjust its China strategy to coordinate with a more hawkish US.

The memo said transatlantic partners are “exploring possible actions” to address non-market rules and practices in China’s medical equipment sector.

They also want to work together against “China’s amplification of Russian disinformation narratives about the war” in Ukraine.

The two sides also promised to collaborate with the G7 to oppose economic coercion, such as China’s trade sanctions on EU member Lithuania.


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