In 1975, when Europe re-established diplomatic relations with China, the bilateral trade was just $2.4 billion. By 2002, the bilateral trade had grown to $142 billion, making China the second largest trading partner of the European Union (EU) after the US. However, the trade deficit of Europe with China, which was a mere 0.1 billion euros in 1980 had surged to a colossus 47.3 billion euros by 2002
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