China and the EU have reached a "technical consensus" in their negotiations, according to a new media outlet affiliated with China Central Television (CCTV). The talks aim to reduce or eliminate the EU's tariffs on Chinese-made electric vehicles.
The two sides are working towards an agreement on a "price commitment," a complex mechanism designed to regulate the price and quantity of automobile exports, which would replace anti-subsidy tariffs.
From November 2 to 7, China-EU technical teams held five rounds of consultations in Beijing, engaging in in-depth discussions about the specific details of the EU's price commitment plan for anti-subsidy cases involving Chinese electric vehicles. After the meetings, both parties stated that they had made "technical progress," particularly concerning the price commitment framework and the mechanism for implementing the agreement. They also confirmed that negotiations would continue.
"The consensus on the price commitment framework reflects the agreement reached by China and the EU on the overall structure during this round of negotiations. It also demonstrates their willingness to focus resources on the core interests of the talks and work toward shared goals," a source said.
Earlier reports suggested that progress in the negotiations was minimal and that the likelihood of reaching a swift agreement was slim. However, CCTV refuted claims that "China has not made a satisfactory proposal to the EU" and that it was "unlikely for China and the EU to reach an agreement on tariff substitution for electric vehicles," labeling these reports as "intentional attempts to mislead public opinion and disrupt the negotiation process."
At the end of October, the European Commission imposed tariffs of up to 45.3% on electric vehicles imported from China to protect its automotive industry. However, EU member states remain divided in their opinions on the proposal to impose such tariffs.