EU: Strenghten partnerships to stop economic woes

The European Union is willing to strengthen its partnerships and collaborations at a time when uncertainties pose greater challenges to the world economy, a senior official said on Monday.

“China is now the EU's second largest trading partner and one of the biggest markets for the EU,” said Cecilia Malmstrom, European commissioner for trade. “Both China and EU have benefited a lot from the relationship in the past, the key thing is how we can move ahead together.”

Key challenges include how to commit to an open economy, the need to fight protectionism, how to further liberalize trade and improve benefits of small scale companies. That’s according to Malmstrom, who made the comments after she participated in the two-day G20 Trade Ministers Meeting in Shanghai last week.

Malmstrom expects China is able to increase legal support for foreign companies, and increase investment transparency.

While addressing the future impact of Brexit to trade, Malmstrom said it would take time to see a long-term impact.

“By far there are still 28 members in the European Union and it may take up to two years to actually leave the union,” she said. “By far they Britain still has full responsibilities and also receive full benefits as other countries in the EU.”