Brussels, Feb. 12, 2021 (Lusa) - The European commissioner for economic affairs has acknowledged that it "will not be easy" to conclude the ratification of the investment agreement between Beijing and Brussels, given the mistrust of several sectors towards China, but believes that the compromise was "the right one".

"I think that, despite some criticism, this agreement with China was the right one after seven years of discussions," Paolo Gentiloni said in an interview with Lusa and other European media in Brussels.

When asked about the agreement in principle on investment reached between Brussels and Beijing at the end of last year, which has yet to be ratified, he noted that Europe needs to "ensure that China respects its commitments".

"We have to do that, and it won't be easy," he insisted.

China has said it expects a "push" from the Portuguese presidency of the European Union (EU) to speed up the ratification process of the investment agreement between Beijing and Brussels, considering that it will also allow for more Chinese investment in Portugal.

"We hope that Portugal, as the rotating presidency of the EU, can give a 'push' to the process, and ideally we hope that in the first half of this year we can sign these preliminary documents," Ambassador Zhang Ming, head of China's mission to the EU, said in an interview with Lusa and other media at the end of January.

According to Zhang Ming, "in an ideal scenario, the agreement will be formally finalised at the end of this year or the beginning of next year and then come into force.

At the end of 2020, Brussels and Beijing reached preliminary consensus for a comprehensive EU-China investment agreement after seven years of negotiations (they began in November 2013).

The aim is that this investment agreement will mutually protect European investments in China and Chinese investments in the EU, notably by making it easier for investors from Europe to buy stakes in Chinese companies.

China's low labour standards, and in particular, the issue of forced labour, were the main obstacle to concluding an agreement with Beijing for several EU member states.

The agreement's text must now be finalised by the parties and approved by the Council (Member States) and the European Parliament.

In this interview given to Lusa, Gentiloni also defends more trade agreements between the EU bloc and other regions, namely Africa.

"At the same time, we have to strengthen our relations with the whole world, but with two particular areas of interest, one is Asia, which is absolutely crucial for our cooperation, and also Africa, which is more projected for the future", he added.

According to the European commissioner for the economy, although current trade with Africa is "small", in the "next 20 years they will be vital".

ANE/ADB // ADB.

Lusa