European firms bet on BIT prospects

European companies are hoping that a bilateral investment treaty between China and European Union can be concluded within 12 months to sustain their robust growth momentum in China, a key European business body said on Wednesday.

"The key to growing bilateral trade and investment is a successfully negotiated comprehensive agreement on investment with a strong market-opening component," said Mats Harborn, president of the European Union Chamber of Commerce in China.

China and the EU completed the 13th round of BIT talks last month in Beijing. Eager to deepen their mutual trust, the Chinese government in March pledged to further open its market to European companies and treat them the same way as domestic ones, even before a formal agreement is in place.