China and EU Reach Consensus on Hybrid and Electric Vehicle Trade

The China Association of Automobile Manufacturers (CAAM) has announced its support for a recently concluded consensus between China and the European Union on trade issues involving hybrid and electric vehicles. CAAM stated that the agreement is the result of intensive consultations held under a trade and investment consultation mechanism, based on principles of mutual respect and equality.

Amidst rising global trade protectionism and uncertainty, CAAM highlighted the highly globalized nature of the automotive industry and the challenges it faces, including policy barriers and supply chain restructuring. The association warned that escalating trade friction could increase costs for businesses, disrupt market order, harm consumer interests, and impede the industry's transformation.

The consensus, reached within the framework of the World Trade Organization (WTO) multilateral rules, emphasizes adherence to principles of fact, non-discrimination, and compliance. CAAM indicated that this agreement is expected to stabilize industrial expectations, maintain the stability and flow of the automotive supply chain, and create a more predictable environment for companies engaged in trade and investment.

CAAM reaffirmed its commitment to facilitating communication and coordination within the industry, supporting joint efforts between China and the EU to implement the consensus and manage differences. The organization aims to contribute to maintaining a fair, open, and non-discriminatory international trade environment, thereby fostering positive energy for the green, low-carbon, and sustainable development of the global automotive industry.