The European Union (EU) raised concerns about the unrealized trade deals with China this year. Awaiting the Shanghai International Import Expo, the EU business chambers sought to improve its trade relations with China by sharing its expectations that their business deals with the country would be accompanied by concrete measures.
Last year, European businesses had subsisting trade deals with China. According to a survey by the European Union Chamber of Commerce in China, about 47 percent of the business deals remained unrealized, reported South China Morning Post. Thus, the EU expects that China would provide concrete measures in the signing of its next business deals which would be discussed by both parties in the upcoming Shanghai International Import Expo.
The chamber's Shanghai chapter released the results of the poll last Monday which showed that some Chinese companies failed to abide by their trade commitments. Thus, both camps revealed their willingness to improve their trade relations to minimize unrealized transactions for the next financial year.
According to the chamber's chairman Carlo Diego D'Andrea, "We expect this year's event to be supplemented by concrete measures to facilitate further market opening and increase foreign investment." He added, "We want to see notable progress in providing European companies with the same unrestricted access to Chinese markets with their Chinese counterparts [enjoy] in the EU."
Conversely, China's Ministry of Commerce claimed that most of the business deals had been fulfilled and only a few are still being processed Due to these contradictions, both countries were said to initiate clearer terms and conditions for their business deals during and after the expo.
As reported by CNBC News, China then announced during the expo that all the attendees and those engaged in trade relations with China should promote the country as a buyer of the world's goods instead of being a pure manufacturer. President Xi then addressed the EU's concerns on unrealized trades by asking more members of the EU to participate in the expo. The turnout from last year's event was minimal and the President believed that if more of them engaged in the expo, the trade deals with the EU may be more successful than last year's turnout.
The EU is hopeful that negotiations would run smoothly on November 5 and November 10, 2019, since the exhibitions are of a larger scale compared to last year's Shanghai International Import Expo. The diplomatic event expects 3,600 companies from 172 countries and some regional and international organizations. The showcase would also cover 270,000 square meters showing signs that the EU and China may expand their trade deals depending on the showcase.
Moreover, mainland companies were also encouraged to sign more business deals with the attending countries to add greater opportunities for exhibitors and visitors as the expo.
