AsianFin -- The European Union will exclude Chinese companies from the majority of public tenders for medical devices—an annual market valued at over €60 billion ($68.9 billion)—citing a lack of reciprocal access for European firms in China.

The move, announced Friday by the European Commission, marks the first action under the EU’s International Procurement Instrument, a trade tool that took effect in 2022 to promote fair and balanced market access between the EU and its trading partners.