Talks begin on an investment protocol; 2020 trade target set at $1 trillion

China and the European Union announced a grand plan for cooperation until 2020 on Thursday and started talks on an investment protocol, mapping out the blueprint for the key relationship in coming years.

They also vowed to discuss the feasibility of a free trade agreement and set the target for bilateral trade volume in 2020 at $1 trillion, nearly doubling the $546 billion recorded in 2012.