By: Elena Grace Flores
Members of the European Union or EU expressed their criticisms over Beijing’s trade practices, flooding global markets with cheap products, driving down prices and threatening economic stability at the Hague after China’s lost to the Philippines on the South China Sea dispute or West Philippine Sea. Often, these products are substandard or below international standard and “dangerous” – as many Chinese products wee pulle out from commercial shelves due to content of poisonous elements in their attempt to alternate ingredients with cheaper formula.
The global framework of laws and regulations “brings so many benefits to our nations,” Tusk said, adding: “If many start believing that globalization and international trade are happening without or against common rules, then the first victims will be Chinese and European economies, not to mention people.” His comments followed remarks by Chinese Premier Li Keqiang that the meeting is “an active signal that clearly states that we are two important powers safeguarding world peace and development.”
Earlier in the day, China cancelled a pre-arranged press conference with the leaders, EU representatives said.
The EU is in the process of considering whether or not to grant China market economy status, a designation that would make it much harder for major economies to fight Beijing over alleged unfair trading practices. Opposition to granting the status has focused on complaints that China has violated global trade rules, most notably selling steel at below market prices; as published in the Global Nation Inquirer.