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The European Union must rebalance its trade relationship with China, EU officials said Friday, as Brussels sharpens its focus on economic ties with Beijing.

The EU’s trade deficit with China reached approximately €360 billion ($418 billion) last year, increasing pressure within the bloc to address the growing imbalance.

EU officials emphasized that while openness to trade remains a core European value, there is a clear need to create a fairer and more balanced trading relationship with China.

The European Commission is expected to hold discussions next week on how the 27-member bloc should approach China to ensure more equal trade conditions. A potential visit by China’s commerce minister to Brussels later next month is also being considered.

European leaders are set to further discuss EU-China trade relations during a summit in Brussels on June 18 and 19.

Trade ministers meeting in Brussels highlighted the importance of maintaining strong economic ties with China, while also stressing the need to reduce strategic dependencies and strengthen Europe’s economic resilience.

Particular concern has centered on rare earth minerals after China imposed export restrictions last year, exposing Europe’s heavy reliance on Chinese supplies. China remains the world’s leading producer of rare earth elements.

In response to ongoing trade tensions, the EU has introduced measures aimed at protecting its market from what it considers unfair Chinese competition, including additional levies on small parcels imported from China.

Source: CANADIAN AFFAIRS