Beijing, Mar 1 (Prensa Latina) China and the European Union (EU) on Monday implemented an agreement to protect exported food and beverages with 100 geographical indications and designations of origin from both side, the Ministry of Commerce confirmed. The Ministry recalled that the deal will benefit products such as liquors, tea and fruits in a first stage. The two sides will extend it for four years to include 175 other indications. China and the EU signed the agreement in 2020 while they negotiated the bilateral investment treaty, which guarantees greater entry of companies to the respective markets with more protection for operations and products, respect for intellectual property and compliance with international laws.
For Beijing, it means to strengthen its position as the main trading partner of the European bloc and, in turn, it will succeed in removing barriers to EU businesses in this nation. Europe proposes that China assumes ‘more obligations in international trade’ to address the ‘negative secondary effects’ from ‘its economic system of State capitalism.’