China and the European Union (EU) reached eight-point consensus and signed new agreements on further developing trade relations and enhancing IPR protection in Beijing Tuesday.

In their 21th China-EU Economic and Trade Joint Committeemeeting, the two sides agreed to speed up preparation for talks on a new partnership framework agreement, which is based on 1985 Trade and Economic Cooperation Agreement to intensify economic links.

A memorandum of understanding on jointly strengthening IPR protection was signed after the meeting.

At a press conference after the meeting, Chinese Commerce Minister Bo Xilai said the Sino- EU trade relations enjoy steady and rapid development at present. The two sides should look for new ways to energize future development.

EU Trade Commissioner Peter Mandelson praised trade links as a vital engine to power the Sino- EU relationships. He said that the EU is willing to settle the trade disputes through dialogue and consultations so as to maintain the smooth trade relations between the two sides.

The eight-point consensus reached by the two sides involve settlement to trade frictions through friendly consultations, exchanges of IPR protection between the two sides, establishing China-EU trade cooperation website, cooperation between medium and small-sized companies, department-level exchanges and dialogue on service trade, informal dialogues on iron and steel trade.

Bo spoke highly of EU's characterizing China's economic boom as an opportunity, rather than a threat to EU in the policy paper issued of late.

He criticized EU's anti-dumping investigation against the imported Chinese shoes and expressed his regrets on handling the auto parts dispute to the WTO.

The Minister called on EU to recognize China's full market economic status from an objective view.

EU remains the biggest trading partner to China this year, with bilateral trade volume topping 200 billion U.S. dollars in 2005. .

Source: Xinhua