Belgium: China, EU officially launch trade, investment consultation mechanism.

Storyline China, EU officially launch trade, investment consultation mechanism China and the European Union have officially established their bilateral trade and investment consultation mechanism. China's Minister of Commerce Wang Wentao and European Commissioner for Trade and Economic Security Maros Sefcovic co-chaired its first meeting in Brussels. In this brief statement, they say the main objective is for the two sides to strengthen a dialogue.The statement goes on to say there is a view to stabilize and make this bilateral relationship more balanced. Now a quick breakaway from these talks to give some more details as to what's included in this trade and investment consultations or TIC. Now essentially, it's broken into four parts that will frame ongoing conversations for the next few months - trade, balancing export controls, intellectual property rights and WTO reform. Now Maros Sefcovic has given some insight into the nature of the talks so far here in Brussels. He says they've been intense, they've been focused and constructive. Ultimately, he says that the status quo is not an option. He says he hopes by ramping up a dialogue, he hopes that real progress can be made.He says that he'll be seeking some of that progress to be evident by Autumn. He says he'll be making a trip to Beijing in the coming months. He says by October he hopes to see that there will be an improvement in this current situation. [Restrictions: No access Chinese mainland]