Trade volume between China and the EU grew 4.9 percent last year to $649.5 billion, making China the EU's largest trading partner for the first time during a coronavirus-plagued 2020, Commerce Minister Wang Wentao said at a press briefing on Wednesday.

A China-Europe freight train carrying medical supplies bound for Madrid of Spain departs from the city of Yiwu, east China's Zhejiang Province, June 5, 2020. (Photo: Xinhua)

Companies on both sides showed great confidence in investment, Wang said. Direct EU investment in China reached $5.7 billion and China's direct investment in Europe totaled $4.7 billion.

Wang hailed the Geographical Indications Agreement, which is expected to enter into force on March 1.

Wang said the deal between the two sides is one of the most significant trade agreement negotiated between China and the EU in recent years.

File Photo: VCG

China and the EU are now working towards signing a balanced, high-level and mutually beneficial agreement, he said.

As two major players in the world economy, China and the EU are both keen to create new trading opportunities together and the hope is that the agreement will boost sales of EU products in China and Chinese products within the bloc.

It is also hoped that the agreement will powerfully stimulate post-pandemic global economic recovery and inspire a resurgence of optimism in globalization, he noted.

Wang said China and the EU can be partners in many fields as the two sides share converging interests.

China had shown willingness to join hands with EU and work to achieve a sound China-EU relationship and a stable recovery from the COVID-19 pandemic, he said.

(Compiled by Peng Temin)