China and the European Union are closing in on a deal to resolve a long-running telecoms dispute by the end of the October. The aim of the deal is monitoring the market share of Chinese telecoms companies in Europe and European companies in China. They would also cooperate on industrial research and standardization in the telecoms sector. The bilateral relationship could dramatically change resolving the telecoms issue. In fact, Europe is China's most important trading partner and for the EU, China is second only to the United States. A successful telecoms agreement could pave the way for a wider free-trade accord in the future. According to an EU document, Huawei and ZTE have applied prices that are 18 per cent below those of EU producers, hurting the profitability of European manufacturers. Chinese Premier Li Keqiangmeets senior EU officials at a summit in Milan on October 16-17 and this issue is discussed. Failure to reach a deal could potentially see the EU executive launching an anti-subsidy procedure imposing punitive levies on Chinese telecoms equipment exports. A successful deal hangs on Beijing agreeing to change its practices on export credits. Major economies abide by rules set down by the Organization for Economic Cooperation and Development that place limits on export credits. They include minimum interest rates and maximum repayment terms, as well as transparency about the credit process. The gLAWcal Team LIBEAC project Wednesday, 8 October 2014 (Source: Reuters) This news has been realized by gLAWcal—Global Law Initiatives for Sustainable Development in collaboration with the University Institute of European Studies (IUSE) in Turin, Italy and the University of Piemonte Orientale, Novara, Italy which are both beneficiaries of the European Union Research Executive Agency IRSES Project “Liberalism in Between Europe And China” (LIBEAC) coordinated by Aix-Marseille University (CEPERC). This work has been realized in the framework of Workpackages 4, coordinated by University Institute of European Studies (IUSE) in Turin, Italy.