Dear MEL Topic Readers,
China overtakes US as EU's biggest trading partner
If you’ve read just the headline, you might think China has become a more significant trade partner than the US for European countries. Indeed, last year’s sheer trade volume between the EU and China surpassed the one with the US, which was partly boosted by China’s quick recovery from the pandemic. But the US is still the EU’s biggest export market. Also, if you take trade in services and investment into account, the overall transatlantic economic relationship remains much stronger than that between Europe and China. However, if the US keeps its arrogant, protective trade policies, not only the EU but also other economic allies will have no choice but to deepen their economic ties with China. In fact, late last year when the US was in political chaos, the EU finalized an investment agreement with China to boost market access.
After all, it’s not the issue of which side of the Pacific Ocean is more important to the EU and other countries. China is becoming a more important trade and business partner for all the countries but the US.
Enjoy reading the article and learn about the numerical aspect of the China-EU relationship.
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