On Monday, the European Union gave political backing to Brussels' planned investment pact with China, clearing the way for a deal between the European member states and the second strongest economic bloc.
According to the German EU presidency, no member had "raised a stop sign and the way for a political endorsement was thus cleared" during the meeting of EU ambassadors.
Moreover, the diplomats indicated that there are "recent positive developments" in negotiations with China.
It is worthy to mention that the Chinese foreign ministry said last week that "negotiations have entered the final stretch."
In the same context, a second EU diplomat said an agreement could now be formally announced this week according to the CNA.
This deal will strengthen the economic power of both giant economic blocs.
It is worthy to mention that a report issued by the Economic and Business Research Center, based in Britain revealed on Saturday, that the economy of China is on its way to surpassing the position of its American counterpart as the largest global economy by 2028.
Authors of the report affirm that this success is linked to China’s management of the outbreak of the coronavirus pandemic better than other Western countries altogether.
The London-based Research Center report indicated that the first and second economies in the world will exchange places in a shorter time than previously thought by 2028, that is, five years ago than was expected last year.
The report indicated that the Chinese economy is expected to achieve an average growth of 5.7% annually from 2021 to 2025, before slowing down to 4.5% between 2026 and 2030.
Follow the latest news on Google News
