The China Mail - France says 'major issues' remain despite brandy price accord with China

USD -
AED 3.67312
AFN 69.846497
ALL 83.111239
AMD 384.260403
ANG 1.789623
AOA 917.000367
ARS 1239.187333
AUD 1.527184
AWG 1.8025
AZN 1.70397
BAM 1.660053
BBD 2.018452
BDT 122.632421
BGN 1.66079
BHD 0.376279
BIF 2978.215939
BMD 1
BND 1.27315
BOB 6.908113
BRL 5.418604
BSD 0.999677
BTN 85.318021
BWP 13.241042
BYN 3.271487
BYR 19600
BZD 2.008055
CAD 1.36105
CDF 2885.000362
CHF 0.794112
CLF 0.024235
CLP 929.990396
CNY 7.165404
CNH 7.164504
COP 4000.44
CRC 504.846458
CUC 1
CUP 26.5
CVE 93.591251
CZK 20.923504
DJF 177.720393
DKK 6.334404
DOP 59.829568
DZD 129.133591
EGP 49.258395
ERN 15
ETB 138.738308
EUR 0.84895
FJD 2.239204
FKP 0.732473
GBP 0.732306
GEL 2.720391
GGP 0.732473
GHS 10.346467
GIP 0.732473
GMD 71.503851
GNF 8670.336246
GTQ 7.686432
GYD 209.150826
HKD 7.84955
HNL 26.118804
HRK 6.392804
HTG 131.253289
HUF 338.903831
IDR 16182.7
ILS 3.348985
IMP 0.732473
INR 85.68975
IQD 1309.562206
IRR 42125.000352
ISK 120.930386
JEP 0.732473
JMD 159.563046
JOD 0.70904
JPY 144.46404
KES 129.160385
KGS 87.450384
KHR 4016.449449
KMF 418.00035
KPW 899.963291
KRW 1363.690383
KWD 0.30529
KYD 0.833167
KZT 519.158218
LAK 21541.69991
LBP 89570.184522
LKR 299.935068
LRD 200.436266
LSL 17.585038
LTL 2.95274
LVL 0.60489
LYD 5.38469
MAD 8.972928
MDL 16.839532
MGA 4498.463732
MKD 52.236842
MMK 2099.652173
MNT 3588.382976
MOP 8.082977
MRU 39.677292
MUR 44.950378
MVR 15.403739
MWK 1733.572693
MXN 18.631404
MYR 4.221039
MZN 63.960377
NAD 17.584664
NGN 1529.940377
NIO 36.786331
NOK 10.086504
NPR 136.504609
NZD 1.649893
OMR 0.383784
PAB 0.999699
PEN 3.544865
PGK 4.129338
PHP 56.515038
PKR 283.786429
PLN 3.60264
PYG 7966.52464
QAR 3.653764
RON 4.294904
RSD 99.666038
RUB 78.605765
RWF 1437.077464
SAR 3.750334
SBD 8.336924
SCR 14.085834
SDG 600.503676
SEK 9.562904
SGD 1.273404
SHP 0.785843
SLE 22.450371
SLL 20969.503664
SOS 571.304894
SRD 37.385038
STD 20697.981008
SVC 8.747576
SYP 13002.02941
SZL 17.570647
THB 32.330369
TJS 9.721981
TMT 3.51
TND 2.912628
TOP 2.342104
TRY 39.838704
TTD 6.779949
TWD 28.938038
TZS 2646.706038
UAH 41.692307
UGX 3586.039485
UYU 40.122055
UZS 12553.526488
VES 109.473504
VND 26180
VUV 119.131606
WST 2.601726
XAF 556.7663
XAG 0.026983
XAU 0.0003
XCD 2.70255
XDR 0.692556
XOF 556.7663
XPF 101.22607
YER 242.150363
ZAR 17.606795
ZMK 9001.203587
ZMW 24.217013
ZWL 321.999592
  • CMSC

    0.0900

    22.314

    +0.4%

  • CMSD

    0.0250

    22.285

    +0.11%

  • RBGPF

    0.0000

    69.04

    0%

  • SCS

    0.0400

    10.74

    +0.37%

  • RELX

    0.0300

    53

    +0.06%

  • RIO

    -0.1400

    59.33

    -0.24%

  • GSK

    0.1300

    41.45

    +0.31%

  • NGG

    0.2700

    71.48

    +0.38%

  • BP

    0.1750

    30.4

    +0.58%

  • BTI

    0.7150

    48.215

    +1.48%

  • BCC

    0.7900

    91.02

    +0.87%

  • JRI

    0.0200

    13.13

    +0.15%

  • VOD

    0.0100

    9.85

    +0.1%

  • BCE

    -0.0600

    22.445

    -0.27%

  • RYCEF

    0.1000

    12

    +0.83%

  • AZN

    -0.1200

    73.71

    -0.16%

France says 'major issues' remain despite brandy price accord with China
France says 'major issues' remain despite brandy price accord with China / Photo: © AFP

France says 'major issues' remain despite brandy price accord with China

France on Friday praised China's steps to settle a trade dispute over European brandy imports but warned that "major issues" remained unresolved.

Text size:

The signs of a thaw in the row over the alcohol came as China's Foreign Minister Wang Yi met French President Emmanuel Macron and Foreign Minister Jean-Noel Barrot in Paris.

In recent months China and the European Union have butted heads over Beijing's generous subsidies for its domestic industries.

Beijing launched an investigation last year into EU brandy, months after the bloc undertook a probe into Chinese electric vehicle (EV) subsidies.

In the latest salvo, China will from Saturday require European brandy exporters to raise prices or risk anti-dumping taxes of up to 34.9 percent.

Beijing said 34 European brandy makers, including several French cognac producers, had signed an accord to avoid tariffs as long as they stick to an agreed minimum price.

France's cognac makers' association BNIC, which includes key producers Hennessy, Remy Cointreau and Martell, confirmed that some companies had agreed to price increases in China to avoid anti-dumping taxes.

- 'Positive step' -

Macron and Barrot praised China's steps to resolve the dispute but stressed they would discuss the outstanding differences with Wang.

"This is a positive step towards resolving this dispute, which was threatening our exports," Macron said on X.

"I will continue to raise these issues with the Chinese authorities this afternoon."

In a statement to AFP, Barrot said: "Several major issues remain unresolved, in particular the exclusion of certain players from the scope of the exemptions."

"We remain fully committed to reaching a definitive solution based on the conditions that existed prior to the investigation," he said.

Wang has held fraught meetings in several European countries this week.

After meeting Macron and Barrot, Wang told a press conference: "The two sides had in-depth, active and sincere exchanges on Sino-French and European relations."

No mention was made of the brandy dispute.

Almost all EU brandy is cognac produced in France, whose exports to China are worth 1.4 billion euros ($1.6 billion) per year.

French liquor giant Jas Hennessy said it would face levies of 34.9 percent if it did not stick to the deal. Remy Martin will be hit with 34.3 percent and Martell 27.7 percent.

"The decision to accept the price commitment once again demonstrates China's sincerity in resolving trade frictions through dialogue and consultation," a Chinese commerce ministry spokesperson said in a statement.

However, the European Commission kept up criticism of China's new tariffs.

"We believe that China's measures are unfair. We believe they are unjustified," said commission trade spokesman Olof Gill.

"We believe they are inconsistent with the applicable international rules and are thus unfounded."

- Upcoming summit -

China has sought to improve relations with the European Union as a counterweight to the United States.

But frictions remain, including a yawning trade deficit of $357.1 billion between China and the EU, as well as Beijing maintaining close ties with Moscow since Russia invaded Ukraine.

The trade row blew up last year when the EU moved to impose hefty tariffs on Chinese electric vehicles, arguing that Beijing's subsidies unfairly undercut European competitors.

Beijing rejected the accusation and announced what were seen as retaliatory probes into imported European pork, brandy and dairy products.

The EU imposed extra import taxes of up to 35 percent on Chinese electric vehicles in October.

Beijing lodged a complaint with the World Trade Organisation, which in April said it would set up an expert panel to investigate.

China and the EU are to hold a summit this month to mark the 50th anniversary of their diplomatic ties. But Bloomberg News reported, citing unnamed sources, that Beijing would cancel the second day of the summit, in a sign of the tensions.

K.Lam--ThChM