BEIJING – China and the European Union (EU) have confirmed the official establishment of China-EU trade and investment consultation mechanism as the two sides held the first meeting of the mechanism, according to a joint statement issued on Tuesday.

The two sides identified four initial workstreams under the mechanism, which include trade and investment balancing, export controls, intellectual property rights and WTO reform, the joint statement said.

China's Minister of Commerce Wang Wentao and European Commissioner for Trade and Economic Security and Interinstitutional Relations and Transparency Maros Šefčovič co-chaired the first meeting of the mechanism on Monday in Brussels.

The two sides conducted comprehensive, in-depth and constructive discussions on key economic and trade issues, according to the commerce ministry.

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During the meeting, the two sides agreed to establish a joint monitoring mechanism to exchange relevant data, monitor trade flows and support technical work with a view to improving transparency, enhancing mutual trust and managing trade frictions.

They agreed that increased market access measures and initiatives can contribute to the balancing of trade relationships. They also discussed possible tariff or non-tariff initiatives to this effect, exchanged lists of market access issues and agreed to continue consultations within the trade and investment balancing workstream with a view to making progress on specific concerns.

Both sides took note of the positive results of the China-EU export control dialogue regarding rare earth elements and other critical materials and minerals, and intended to strengthen dialogue in this field, according to the joint statement.

The two sides recognized the need to strengthen the China-EU export control dialogue and agreed to take further facilitation measures to maintain the stability of global industrial and supply chains.

China and the EU underline the necessity of strengthening bilateral cooperation in the WTO, advancing substantive progress on WTO reform, and improving the authority and effectiveness of the WTO, the joint statement said.