China-EU agreement fosters greater stability
THE China-EU agreement on geographical indications (GI), as China’s first comprehensive and high-level deal on GI with foreign nations, has fostered greater stability in economic and trade cooperation between China and the European Union (EU), Pan Feng, vice president of the ChinaEurope Association for Technical & Economic Cooperation, told the Global Times during the 4th China International Consumer Products Expo (Cicpe).
In effect since March 2021, the agreement has brought significant benefits to both China and the EU by facilitating bilateral economic exchanges, Pan said, expecting the two sides to push for further strengthening of economic relations.
The current expo, held in China’s southern province of Hainan, marks the third time that the agreement has been introduced as an important topic at the Cicpe.
Feng noted that the two sides have maintained a high-level dialogue on the GI agreement while revealing plans for further bilateral discussions in May involving Chinese and EU companies.
This high-level protection agreement marked a milestone in China-EU economic cooperation. “Since its implementation, both sides have made joint efforts, with 200 GI food products from each side, in areas such as liquor, tea, food, and farm produce being protected,” Pan said.
With the growing recognition of European GIs in China, more and more high-quality European products will enter China, Pan added.
A GI is a label used for identifying the geographical origin of a product and is an important type of intellectual property right, according to China’s Ministry of Commerce.
Pan stressed that 2023 was a challenging yet opportunistic landscape for China-EU trade. Despite global economic uncertainty, China’s agricultural exports to the EU stood at $1.86 billion last year, ranking as the bloc’s thirdlargest destination for agricultural exports, while the EU’s exports to China also increased, showing strong bilateral cooperation in agriculture.
The China-EU GI agreement was signed on Sept. 14, 2020, after 22 rounds of official negotiations since 2011, protecting 100 European GIs in China and 100 Chinese GIs in the EU from imitation and misappropriation. It will facilitate exports and imports of related products, according to the agreement.