16+1 Summit in Sofia to Strengthen Trade Relations with China
The seventh 16+1 summit was held in Sofia with the aim of improving trade relations and cooperation between Eastern Europe and Asia.
Speaking at the forum China's Premier, Li Keqiang, said China would continue opening its market to Eastern European countries and implement reforms to fuel economic growth.
"Opening up has been a key driver of China’s reform agenda so we will continue to open wider to the world, including widening market access for foreign investors" said Li.
The forum comes at a time when the US and China relations hit a low point with both countries implementing tariffs on imported goods. At the recent summit China reduced tariffs and custom duties to boost trade.
Bulgaria's Prime Minister Boyko Borissov was keen to stress that the summit was held to strengthen European relations not undermine them. Borissov emphasised that new trade opportunities and lower costs can only boost economies on both sides.
The summit comes at a time when China is moving closer to improving its trade links with countries such as Bulgaria.