The EU-China Chamber of Commerce calls on international trade tools not to fall into a "race to the bottom"

China News Service, Brussels, October 1 (Reporter Toku Yongjian) In response to media reports that relevant EU member states are pushing the European Commission to create a European version of the "301" tool, the China Chamber of Commerce in the EU issued a statement on September 30, calling on international trade tools not to fall into a "race to the bottom" and not to replace multilateral rules with unilateral measures.

The statement stated that the Chinese Chamber of Commerce in the EU expressed concerns and worries about the current EU discussion on creating a European version of the "301" tool. If the European version of the "301" tool is finally implemented, it will raise major concerns about its compatibility with World Trade Organization rules.

The statement emphasized that unilateral trade tools such as "301" tools can easily instrumentalize and weaponize international trade. Not only will they not help solve the current structural problems faced by European industries such as high energy costs and insufficient investment and innovation capabilities, they will instead disrupt the China-EU and global trade order and bring uncertainty to the stability of global industrial and supply chains.

The statement called for international trade tools not to fall into a "race to the bottom", and not to replace multilateral rules with unilateral measures. It is in the interests of all parties, including Europe, to maintain the multilateral trading system based on the rules of the World Trade Organization and avoid "beggar-thy-neighbor".

The statement stated that currently, China and the EU are maintaining intensive communication under the trade and investment consultation mechanism. Relevant EU stakeholders should make full use of existing mechanisms from a constructive perspective, properly manage differences through dialogue and consultation, resolve each other's concerns, and promote China-EU trade and investment consultations to achieve tangible results as soon as possible.

The statement stated that Chinese-funded enterprises in Europe expect the EU and member states to continue to provide a fair, just, transparent and predictable business environment and protect the legitimate rights and interests of enterprises in various countries, including Chinese enterprises, in accordance with the law. The China Chamber of Commerce in the EU is willing to continue to strengthen communication and cooperation with all walks of life in Europe, work with European partners to maintain an open, stable and business environment conducive to innovative development, and contribute to European economic growth and China-EU economic and trade cooperation.