EU leaders to task Brussels with developing trade tools — South China Morning Post

Leaders of the 27 EU member states are expected to task Brussels at a meeting in Brussels, Belgium, on Thursday with urgently developing new trade tools. They are intended to counter imbalances that the leaders associate with China’s economic policy.

Draft statement ahead of the summit

As the South China Morning Post reports, this instruction is contained in a draft statement being agreed ahead of this week’s European Council summit. The summit of EU country leaders is due to take place in the Belgian capital.

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Agreement on hybrid vehicles

The initiative emerged after an unexpected agreement reached by the EU and China in Beijing last week. It provides for limiting imports of Chinese hybrid vehicles into the European Union to 350,000 units per year.

According to the publication, the agreement eased the immediate threat of a trade war. At the same time, officials and diplomats in Brussels said on Wednesday that this was not enough. The EU, they said, intends to continue pressuring China to restrain exports in other sectors.