The European Union is shaking up its public procurement landscape with new rules designed to curb the influence of Chinese medical device suppliers in contracts exceeding €5M over the next five years. 🚀
This bold move follows a January investigation by the European Commission that raised concerns about preferential access for Chinese devices. The decision aims to create a more reciprocal and level playing field in the competitive world of public contracts.
The updated measures have stirred fresh trade tensions. With tariffs on China-built electric vehicles and other countermeasures already in place, experts warn these restrictions could further impact global trade dynamics.
In a pivotal development, EU Trade Commissioner Maros Sefcovic was scheduled to meet Chinese Commerce Minister Wang Wentao in Paris. This high-stakes discussion is expected to tackle the ongoing trade frictions and seek common ground for both sides.
Meanwhile, the China Chamber of Commerce to the EU expressed profound disappointment over the new rules, noting that European medical device firms have long benefited from significant access in China. From Beijing’s standpoint, openness and continued trade liberalization remain key to offsetting global uncertainties.
Marking the first measures under the EU's International Procurement Instrument, these new rules might be as game-changing as unlocking a bonus level in your favorite video game! 🎮
As international negotiations continue to unfold, all eyes will be on how these policy changes reshape the future of global trade and industry innovation. Stay tuned for more updates!
Reference(s):
cgtn.com
