The European Union’s trade chief Maros Sefcovic has warned China that its “impressive rise must not come at the expense of the European economy” as the bloc continues to push for Beijing to loosen export controls on rare earths and act on trade diversion.
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Speaking in Brussels on Thursday, two days after meeting Chinese Commerce Minister Wang Wentao, Sefcovic stated that “China has a responsibility to match its support for multilateralism with full respect for the rules meant to ensure fairness and equity”.
“Hence, our calls on China to address systemic issues affecting Europe and other partners, such as overcapacity, subsidies, market access barriers, critical minerals export restrictions, investment conditions and trade diversion,” the Slovakian official said at the Brussels Economic Security Forum.
“We are committed to rebalancing this relationship and establishing a level playing field in trade and investment, with symmetrical market opening.”
Sefcovic met Wang on the sidelines of an OECD ministerial summit in Paris and said he raised as a top priority China’s export controls on rare earth minerals and magnets, which have threatened to undermine European industries.
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