European Union - China trade relations. Hong Kong and Macau

Course summary European Union - China trade relations:

European Union diplomatic relations with China were established in 1975 and are governed by the 1985 EU China Trade and Cooperation Agreement and seven other legally binding agreements.

The EU is China’s biggest trading partner, while China is the EU’s largest source of imports and second largest two-way trading partner. China is now the EU's 2nd trading partner behind the USA and the EU's biggest source of imports by far. The EU is also China's biggest trading partner.

The EU's open market has been a large contributor to China's export-led growth. The EU has also benefited from the growth of the Chinese market and the EU is committed to open trading relations with China.

China is Europe's fastest growing export market. Europe exported circa €81,7 billion worth of goods to China in 2009 - up by 4% compared to 2008 Exports from the EU to China grew by approximately € 30 billion between 2005 and 2009.

Trade in goods
- EU goods exports to China 2010: €113.1 billion (+38% on 2009)
- EU goods imports from China 2010: €281.9 billion (+31% on 2009)

Trade in services
- EU services exports to China 2009: €18 billion
- EU services imports from China 2009: €13 billion

In 2009, the EU was Hong Kong's second largest trading partner after the mainland of China, third largest market and third largest supplier. Reciprocally, Hong Kong was the EU's 17th largest trading partner.

Bilateral trade registered an annual average growth rate of 6% per annum between 2004 and 2009.

Example of the course European Union - China trade relations: