皇冠体育app's Minister of Commerce Gao Hucheng jointly chairs the annual EU-皇冠体育app Joint Committee on Trade with EU Trade Commissioner Cecilia Malmstrom in Brussels.[Photo by Fu Jing/ 皇冠体育app Daily]

Beijing and Brussels will begin another round of talks next month as negotiation on bilateral investment gathers pace, 皇冠体育app Daily has learned.

皇冠体育app's Minister of Commerce Gao Hucheng was jointly chairing the annual EU-皇冠体育app Joint Committee on Trade with EU Trade Commissioner Cecilia Malmstrom in Brussels and both have taken stock of progress made so far.

"Both sides should, from overall and strategic points of view, strive for active progress in the talks and try to achieve common ground on the scope of the investment pact by the end of 2015 and form a combined text," said Gao.

"To achieve a high-level investment pact as early as possible...is in the interests of both 皇冠体育app and EU," he added.

Malmstrom said both sides have clarity regarding the scope of the investment deal. "However, more efforts are still needed to address all obstacles to investment between the EU and 皇冠体育app, and to ensure a fair, open and transparent regulatory environment for investors on both sides," she said.

EU-皇冠体育app investment negotiations were launched in November 2013 and seven rounds of talks have taken place so far. The negotiations cover investment protection, market access and other elements further encouraging investment.

In accordance with the Joint EU-皇冠体育app Summit Statement of June, the priority now is to seek convergence on the scope of the agreement and establish a joint text by the end of the year.

Both sides have discussed existing market access barriers and questions related to protection of intellectual property rights – their enforcement, and ways to enhance EU-皇冠体育app cooperation.

Both sides exchanged views on the on-going economic and political reforms in 皇冠体育app.

In addition, they have reviewed preparations for the 10th WTO Ministerial Conference in Nairobi in December. The EU expressed its concern regarding the state of multilateral trade negotiations and emphasized the need for all major WTO members to be ready to contribute to negotiations and take responsibility for strengthening the multilateral system.