The European Union wants to agree a deal with China this year to protect foreign investment and increase investment market access, but it will not meet Beijing halfway, EU trade chief Phil Hogan said on Monday, reports Reuters.

Hogan told a conference held by business lobby group BusinessEurope that the EU wanted to see “concrete progress” from China on opening up its markets.

“Meeting halfway will not work for the EU. Our markets are largely open, probably the most open in the world. We have therefore have made it very clear that we expect and are demanding a rebalancing of the asymmetry.”

China and the EU launched negotiations on an investment pact in 2013 and were holding a 26th round of talks due to end on Tuesday after a second exchange of offers in December.