KUALA LUMPUR - The China-European Union (EU) relationship is currently facing both development opportunities as well as new challenges, requiring both sides to maintain the ties on the right track, Chinese Premier Li Qiang said on Monday.

Li said that China stands ready to work with the EU to promote the resolution of issues in the economic and trade cooperation on the basis of equality and mutual respect, and through dialogue and consultation as well as mutual understanding and accommodation.

Li made the remarks while meeting with European Council President Antonio Costa on the sidelines of the leaders' meetings on East Asian cooperation. 

He added that China is willing to work with the EU to further implement the consensus reached by the two sides, promote the optimization and balanced development of China-EU trade, and expand opening up to each other, making the cooperation pie bigger with the EU.