‘But we should not have waited for the Biden administration to sort things out. Wait for what? We don't know if China will be more responsive if the three parties sit together. We don't have a timeline. Shall we wait another two or three years?’

Bloomberg: ‘How significant is this investment treaty in reality for European businesses?’

Joerg Wuttke: ‘Well, it's a deal, after seven years of discussions.’

• ‘So we're very happy about the fact that they stopped talking and now we can walk.’

‘The other thing is, of course, we have to look into the details.’

• ‘But, this deal will be hashed out by the, vetted by the lawyers over 2021.’
• ‘And then we have to get this deal passed through European parliament.’

‘But business is happy that this has concluded.’

Bloomberg: ‘Do you think it gets passed ultimately by the European parliament?’

Joerg Wuttke: ‘Well, I hope it will be passed - business really can't wait forever.’

‘Of course, I know the concerns by parliamentarians about the human rights situation in China. That will not go away anytime soon.’

• ‘But I really hope that our parliamentarians are pragmatic and actually pass this deal through the system in order for us to implement more jobs in Europe and get more business done with China.’

Bloomberg: ‘Joerg, you touched on the question of human rights and of course that has been a criticism from some members of parliament in Brussels, members of the European parliament.’

• ‘The question for some will be: Should the Europeans be striking an investment deal with a country that is jailing journalists, that according to the United Nations has as many as a million people held in camps in Xinjiang, that is involved and engaged in what the Canadians call hostage diplomacy?’

Joerg Wuttke: ‘You know, this is what I would call “system inherent.” ’

• ‘As European, of course, we cannot welcome this.’
• ‘But again this is a market access deal.’

‘We have, for example, seen that Australia, Japan, Korea sign the Regional Comprehensive Economic Partnership which included China at the beginning of December with none of these sustainability baskets being mentioned.’

• ‘The Phase One US-China Deal has much less language on forced labor than the European.’
• ‘So in a way, European negotiators managed to push the envelope for the first time on this one.’

‘But, the parties have made it very clear: This is first step; this is market access.’

• ‘When it comes to these human rights issues, we really have to find a better toolbox to deal with China and a separate occasion.’

Bloomberg: ‘What is your response to some within the incoming Biden administration who have said, "Look, the EU should have waited. They should have waited until Biden was in office, and then they should have pursued a coordinated approach with the US when it comes to China?" ’

Joerg Wuttke: ‘I can understand the anxiety.’

• ‘But the EU and the U.S. have a lot of common grievances with China.’
• ‘We are happy that Biden team looks more favorable at teaming up with us on these.’

‘But we should not have waited for the Biden administration to sort things out. Wait for what?’

• ‘We don't know if China will be more responsive if the three parties sit together.’
• ‘We don't have a timeline. Shall we wait another two or three years?’

‘Angela Merkel expressed her intent to get this done in 2020 at the beginning of 2020, when it was not clear who was going to win the U.S. elections.’

• ‘To actually finalize something, get over it, get it done is very much welcomed by European business. Why wait?’

‘That doesn't exclude our meeting, putting together a program, and talking to the Chinese in a coherent manner, the OECD countries possibly altogether and the U.S.’

• ‘But this happening is very much unknown.’
• ‘We like the fact that there could be a coalition, but at this stage, get the investment deal done and move on.’