Amid tensions with the United States, China appears to have found common ground with France, and a recent meeting between leaders from the two countries is increasing hopes for more global stability on trade.
A trade deal has been made! But it’s between China and France, and it’s not clear yet if the United States will follow suit.
|During a meeting in Beijing on Wednesday, leaders from China and France approved $15 billion dollars’ worth of commercial agreements that include the fields of finance, aviation and environmental protection. Chinese President Xi Jinping praised the talks, and said they helped give a boost to free trade.|
“To focus on the long term, to promote cooperation between the two countries in large-scale projects, promptly implementing the new cooperation consensus and agreement reached by the two sides in the fields of nuclear energy, aviation, and aerospace,” he said.
The progress between China and France comes at a time when there is hope for “phase one” of a trade deal between Washington and Beijing that could mark the beginning of the end in a 15-month-long trade war.
French President Emmanuel Macron said he hopes his visit to China will help increase the chances of a deal with the US. “China and Europe share the same feeling that trade war only results in losers. So one wishes that the ongoing discussions between China and the United States permit a rapid easing of tension, and take into account the interests of the great commercial partnership between China and the European community,” he said.
Talks in Beijing also resulted in a deal between the European Union and China, in which they agreed to “protect 100 European regional food designations, known as geographical indications, in China and 100 Chinese geographical indications in the EU.”
|China also renewed its commitment to intensifying international efforts in the fight against climate change through the 2015 Paris climate agreement.This comes as Washington announces that it will formally withdraw from the agreement, and when commenting on environmental action, Macron appeared to take a shot at the US.|
“Regarding the struggle against global warming, we have been consistently moving together for years, very effectively, and with a lot of engagement. I deplore the choices that some others have made. But I prefer to look upon them as marginal, because when China, Europe, Russia work firmly together, the isolated choice of somebody or others can’t change global agreement,” Macron said.
Meanwhile, the US and China are still deciding on just how much they are willing to give up in order to finalize “phase one” of a possible deal, as the losses from the trade war between the world’s two largest economies start to add up to tens of billions of dollars.