EU sets October deadline for ‘tangible results’ on China imbalances after key trade talks

In a bid to cool searing trade tensions, the European Union and China have launched a new ministerial-level platform for solving grievances, with Brussels insisting that disputes over Trade Imbalances, Export Controls and intellectual property must deliver “tangible results” by October.On Monday, in the middle of marathon talks in the Belgian capital, the sides issued a rare joint statement, in which they announced four initial workstreams, focused on trade and investment balancing, Export Controls, Intellectual Property Rights and World Trade Organization reform.As part of this, and amid a rancorous debate about the impact of Chinese Industrial Overcapacity on Europe’s economy, Beijing agreed to establish a “joint monitoring mechanism of trade flows”, EU trade chief Maros Sefcovic said during a break from an all-day negotiating session with Chinese Commerce Minister Wang Wentao.