BRUSSELS (AP) 鈥� The European Union has agreed with China on stabilizing the flow of rare earth materials and products from China that are critical elements for many high-tech and military products, an official said Tuesday. EU trade commissioner Maro拧 艩ef膷ovi膷 met with Chinese Commerce Minister Wang Wentao in Brussels on Friday to discuss issued in April and October, and European regulations on semiconductor sales, said Olof Gill, a spokesperson for the European Commission, the 27-nation bloc’s executive arm. Like the U.S., Europe runs a huge trade deficit with China 鈥� around 300 billion euros ($345 billion) last year. It relies heavily on China for rare earth material and products, which are also used to make magnets used in cars and appliances.
Gill said that the EU welcomed China鈥檚 recent 12-month , and called for a new and stable system of trade in the critical materials. The EU is working with China on an export licensing system to ensure a more stable flow of rare earth minerals to the bloc, he said.
鈥淭his is an appropriate and responsible step in the context of ensuring stable global trade flows in a critically important area,鈥� Gill said.
艩ef膷ovi膷 said that that Brussels and Beijing were continuing to speak about further trade measures.
鈥淏oth sides reaffirmed commitment to continue engagement on improving the implementation of export control policies,鈥� he said in an X post.
China is the EU鈥檚 second-largest trading partner in goods, after the United States. Bilateral trade is estimated at 2.3 billion euros ($2.7 billion) per day.
Both China and the EU believe it’s in their interest to for the sake of the global economy, and they share certain .
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