Knotty free-trade deal dragging EU and US down the wrong road

The EU's focus is on the refugee crisis and Brussels has even sought more global help at the G20 Summit in Hangzhou to resolve it. Besides, the EU also has to take measures to ensure a safer Europe in the face of rising terrorism, avoid the negative fallout from Brexit and create more jobs. Such a long list of emergency tasks could have forced the EU to re-prioritize its strategy after its summer retreat.

The proposed pact seeks a closer trade and investment partnership between the US and the EU－a market of 800 million consumers－but the problem is that their economic relationship relies on competition, not on complementing each other in the global supply chain.

That is why the two sides find it very difficult to compromise and allow each other greater access to their markets. And that they don't see that as a necessity could be the reason why the talks appear to be on the verge of failure.

Perhaps Washington and Brussels entered into these talks to forge a closer economic alliance in the aftermath of the global financial crisis－and to counter China's rise. No wonder China has been excluded from the US-led TPP trade framework and the EU, while negotiating with the US, has also been busy negotiating free-trade deals with other Asian countries, but not China.

Since China is the world's largest trading country and has always been willing to forge closer trade and investment partnerships with the two advanced economies, Washington and Brussels have embarked on the wrong journey by excluding Beijing from their talks and are therefore riding a bumpy road that may lead to a dead end.

The author is deputy chief of China Daily European Bureau

fujing@chinadaily.com.cn