Von der Leyen: China and EU agree to new trade mechanism

The European Union and China have agreed to an upgraded export supply mechanism, President of the European Commission Ursula von der Leyen said Thursday in Beijing.

"In other words, if there are bottlenecks, this upgraded supply chain support mechanism can immediately check and solve the problem or the issue that is out there," von der Leyen said at a joint press briefing together with President of the European Council Antonio Costa.

She also underlined the urgent need for the EU and China, as two major economies, to "rebalance" their bilateral relationship in the context of the current global rise of tariffs.

"The European Union and China share a responsibility to uphold and reform the global trading system. We can keep it open, fair and grounded on rules," she added.

The remarks followed the 25th summit between China and the EU, held in Beijing to mark the 50th anniversary of the establishment of diplomatic relations this year.

"The European Union remains committed to deepening bilateral partnership, making concrete progress in addressing concerns with respect, goodwill and honesty," said Costa.

Noting how the two parties engage and cooperate on international matters, Costa said the EU and China share an interest in pursuing a constructive, stable, balanced and mutually beneficial relationship.

"We want to work together on global peace, security, prosperity and sustainable development," he added.

Despite differences, Costa reaffirmed the EU's commitment to prioritizing "open and constructive dialogue"with China to find shared solutions.

"Dialogue and negotiation are in our DNA. That's what we did today in the open and frank manner. Now, it is time to put today's discussion into action and to make further progress," he said.