The China Association of Automobile Manufacturers (CAAM) on Wednesday welcomed the positive outcomes of consultations between China and the EU on hybrid and electric vehicle (EV) trade. The association said that it was ready to continue playing its bridging role and to support China and the EU to find common ground under the trade and investment consultation mechanism.
Global trade protectionism is rising, international economic and trade uncertainties have increased markedly, and the automotive industry is highly globalized, with extensive industrial and supply chains and close cross-border collaboration, which faces multiple challenges such as policy barriers and supply chain restructuring, the CAAM said in a statement.
If trade frictions are allowed to escalate, they will drive up business costs, disrupt market operations, harm consumer interests, and affect the transformation and upgrade of the automotive industry, the association said.
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