Why do we need a new agreement between the EU and China just now? Because the existing agreement has simply not kept pace with our rapidly expanding partnership. Two decades ago we signed a Trade and Economic Cooperation Agreement which provided a good basis for us to build on. But the tentative trade relations of the 1980s bear little resemblance to the extensive and complex relationship of the 21st century.

The context in which we relate to each other has also moved on. We face global challenges which do not respect international borders. China's growing economic muscle means that more often than not its challenges have global implications.

It is more essential than ever that we assume our shared responsibilities: to ensure that world trade operates with fair competition; to tackle climate change and work for energy security; to use our wealth wisely to help others develop, particularly in Africa.

This is why it is so important that we optimize the potential of our strategic partnership through the negotiations that I am launching this week.

In addition to trade, the agreement will provide a comprehensive framework for the 22 sectors in which the EU and China already hold dialogues, including energy, the environment, agriculture, transport, customs, education, the information society, science and technology, and space cooperation. It will cover other key issues such as migration, terrorism and weapons of mass destruction.

Ambitious partnership

This new agreement will lay the foundations for a still more ambitious and mature partnership.

There will be a range of complex issues to be discussed as part of the negotiation process: political, cultural and technical. And we have to consider whether and how aspects of the Trade and Economic Cooperation Agreement should be updated. Of course there will be moments when we disagree, but we are impatient to get down to work with our Chinese counterparts in a positive spirit of cooperation.

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