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Free AccessMNI POLICY: EU, China Agree Wording On Forced Labour-Official
China has committed to standards and strong wording on forced labour which should allow EU leaders to agree in principle the EU-China investment agreement on Wednesday, an EU official said today.
The official said that the commitment to ratify ILO conventions on forced labour was the same as those included in EU trade agreements with third countries.
The issue of forced labour has been a longstanding sticking point in the negotiations and was only resolved in the final moments of the negotiations.
The official noted that the issue remained one of high political sensitivity and that many members of the European Parliament had expressed themselves on the issue of forced labour, adding that the EU is now at the beginning of a long process to approve and ratify a deal, which could take some months.
Many 'trade irritants' remain outside the scope of the deal and would be tackled in coordination with key EU allies, such as the U.S. and Japan, the source said.
The latter include public procurement and the impact of Chinese subsidies on competition in foreign markets, including the EU.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.