HELSINKI (AFX) - The EU and China announced an agreement on strengthening their economic, political and cultural ties after a bilateral summit here.
'I can announce that we have agreed a new framework agreement between the EU and China,' Finnish prime minister Matti Vanhanen said after chairing the summit.
Chinese prime minister Wen Jiabao described the talks as a 'big success', saying his country and the EU will now start negotiations on a comprehensive agreement.
European Commission president Jose Manuel Barroso said the new agreement will broaden and deepen bilateral ties.
Barroso said trade is crucial to the EU's relationship with China, adding that both parties want a successful outcome to the stalled WTO round of trade negotiations.
He also said China has agreed to lower the threshold for prosecution in intellectual property cases in a move welcomed by the EU.
He said the EU will agree to market economy status for China as soon as it meets requirements regarding state influence, accounting, bankruptcy reform, and financial sector restructuring.
Wen said China is committed to making progress on human rights, but does not believe the issue should be linked to trade. victoria.main@afxnews.com vm/sw COPYRIGHT Copyright AFX News Limited 2005. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited