The EU’s agreement to limit imports of hybrid cars from China is only a first step, as the trade imbalance extends far beyond cars, according to the union’s top economic official.
“It is clear that these economic and trade imbalances are not limited to the automotive sector. We must continue this work in other sectors as well”, EU Economy Commissioner Valdis Dombrovskis said in an interview in Bangkok on Tuesday, Bloomberg News reports.
Talks between Beijing and Brussels last week resulted in a 16-point agreement covering trade and investment, export controls and intellectual property rights.
The EU announced that it will impose a cap on the number of hybrid vehicles allowed to be brought into the union, a success for the EU’s domestic automotive industry, which has struggled due to Chinese imports and declining demand for its own vehicles in China.
