The EU and China issue a joint statement for the first time since 2015

  • To commit to establishing a joint working group on WTO reform
  • Agree that steel overcapacity is a global challenge
  • Welcomes exchange of market access (China) for investment agreement (EU)
  • Views bilateral investment agreement as a top priority

High level diplomats from the EU and China both met in Beijing earlier today, and this is their first joint communique in three years. There's a lot of on-the-surface stuff but the WTO headline is the one that applies most to markets so far.

However, without involvement by the US and Trump, I don't see the point in setting out resources to discuss about any reforms really.