Top European Union officials and Chinese President Xi Jinping concluded a business investment deal Wednesday that will open big opportunities to European companies, but has the potential to irk the new American administration.
Amid concerns about the human rights situation in China, the EU said the seven-year-long negotiations were concluded in “principle” during a videoconference involving Xi, European Commission president Ursula von der Leyen and EU Council president Charles Michel.
German Chancellor Angela Merkel – whose country holds the rotating presidency of the EU – and French president Emmanuel Macron also took part in the discussions with the Chinese president, the EU said.
“We are open for business but we are attached to reciprocity, level playing field and values,” von der Leyen said.
The videoconference launches a ratification process that will take several months. To enter into force, the agreement will need to be ratified by the European Parliament, and the issue of human rights could be a sticking point.