(NAFB) – New data from the European Union puts China ahead of the United States as the EU’s biggest trading partner.

A spokesperson from China’s Foreign Affairs Ministry calls the data “great news for both sides.” 2020 saw China-EU economic and trade ties grow stronger against the COVID-19 pandemic. More than 60 percent of EU companies in China are ready to increase investment, according to the latest survey by the EU Chamber of Commerce in China.

At the end of last year, China and the EU announced the conclusion of negations on a China-EU investment agreement that elevates relations and cooperation between the two. China claims that for mutual investment, the agreement means wider market access, better business environment and a brighter prospect of cooperation. In 2020, EU imports from China increased 5.6 percent, while exports increased 2.2 percent.

Although the US and the UK remain the EU’s largest export markets, trade with both countries dropped significantly.