The Commission plans to produce a Communication on Europe's trading relationship with China early in 2006.
The Commission and China have agreed to consider ways in which a new Framework Agreement between the EU and China could better reflect the economic and strategic changes in Europe's relationship with China over the last two decades.
A booming trade relationship - a successful strategic partnership
EU-China trade is likely to reach another record in 2005 - €200 billion, up from €175 billion in 2004. 12.5% of EU imports, worth 127 billion euros, come from China. 90% of EU imports from China are manufactured goods - about half of all imports are machinery and vehicles. Europe is China's largest trading partner.
China receives about 5% of EU exports, worth 48 billion euros. The biggest European exporters to China are Germany (21 billion euro), France (5.4 billion euro) and Italy (4.4 billion euro).
These exports are focused on manufactured goods - including textiles.
European exports to China are growing fast, particularly in areas such as luxury goods - in which Europe has 25% of the Chinese market.
marketing@alchempro.com
