Davos: Altmaier reacts to awkward timing of EU-China deal

LONDON — Germany's Federal Minister for Economic Affairs and Energy Peter Altmaier mentioned it was "not a mistake" to have agreed the China-EU funding deal only a few weeks earlier than U.S. President Joe Biden's inauguration.

Speaking to CNBC's Geoff Cutmore by way of videoconference on the Davos Agenda on Monday, Altmaier mentioned the EU's new funding deal with China was "in large parts a twin of arrangements the U.S. already have with China and it's about creating a level playing field."

"So I'm very optimistic that we can develop and negotiate and sign more similar agreements worldwide and that the U.S. will also follow this path in their negotiations with other countries worldwide," Altmaier added.

The government arm of the EU, the European Commission, introduced the brand new funding deal with China on December 30, after a number of years of negotiations. However, it’s nonetheless to be finalized and is topic to approval by the European Parliament.

EU commerce chief Valdis Dombrovskis advised CNBC beforehand that "the main purpose of this agreement is to address the economic imbalance in our relations."

The announcement of the settlement awkwardly got here simply days after a high advisor to Biden hinted that the incoming administration would welcome being concerned in "early consultations with our European partners on our common concerns about China's economic practices." The deal was additionally seen as China stealing a march on the U.S. because the Biden administration ready to occupy the White House.

German Economy Minister Peter Altmaier speaks to the media concerning the German authorities's proposed new federal price range on March 23, 2020 in Berlin, Germany.Christian Marquardt | Pool | Getty Images

At the time of the announcement, European Commission President Ursula von der Leyen tweeted that the "EU has the largest single market in the world," and that whereas it’s "open for business … we are attached to reciprocity, level playing field & values."

A European Commission assertion on the deal mentioned China had dedicated to permitting a "greater level of market access for EU investors than ever before, including some new important market openings."

China was additionally mentioned to have dedicated to making certain "fair treatment for EU companies so they can compete on a better level playing field" within the nation, which included guidelines in opposition to the "forced transfer of technologies." It had additionally agreed to sustainable improvement provisions, corresponding to commitments on pressured labor.

primarily based on web site supplies www.cnbc.com

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