China and the European Union (EU) reached an understanding on hybrid vehicle trade following "extensive" talks, the Chinese Ministry of Commerce (MOFCOM) announced on Friday. The ministry said in a statement that European Trade Commissioner Maros Sefcovic and Chinese Commerce Minister Wang Wentao held the second regular meeting under the China-EU Trade and Investment Consultation Mechanism in Beijing during the past two days and reached an understanding on hybrid vehicle trade within the World Trade Organization (WTO) framework. "Both sides reaffirmed their commitment as key trading partners to properly handle their differences within the framework of WTO rules, and to continue to stabilize and balance bilateral trade and economic relations," the ministry noted, adding that the third regular meeting will take place in March next year, while a ministerial-level video conference between the two parties is scheduled for January.
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