China and the EU have been carrying out technical work, including legal reviews, since negotiations over a bilateral investment treaty were completed at the end of 2020, preparing for the deal's signing and ratification, Shu Jueting, Spokesperson for the Ministry of Commerce (MOFCOM), said. The Comprehensive Agreement on Investment (CAI) is a balanced, high-level, mutually beneficial and win-win deal. Signing at the earliest possible time suits the common interests of both sides, Shu said in response to a question from the Global Times about whether there would be progress on the CAI at the upcoming China-EU summit on April 1. China stands ready to work with the EU to push for the investment deal to be ratified and come into force, the MOFCOM Spokesperson said.
During the first two months of 2022, the EU regained its position as China's top trading partner, with bilateral exports and imports growing 12.4% to CNY874.64 billion, accounting for 14.1% of the country's total trade. China's trade with the ASEAN increased by 10.5% to CNY870.47 billion during the period. MOFCOM's latest remarks indicate that both sides are still hoping to make headway on the CAI, although the deal still faces some challenges in moving forward, Cui Hongjian, Director of the Department of European Studies at the China Institute of International Studies, told the Global Times.
In May 2021, the European Parliament voted a motion to freeze the ratification process, putting the brakes on ratifying the deal. There remain different opinions within the European Parliament as to whether to revoke the unilateral freeze, Cui said. The CAI talks kicked off in late 2013, with 35 rounds of official negotiations held before the two sides completed negotiations on the mega investment deal at the end of 2020, the Global Times reports.
