European Commissioner for Trade Valdis Dombrovskis and Chinese Vice Premier He Lifeng at the Diaoyutai state guesthouse in Beijing on Monday.

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Hong Kong/Taipei CNN  — 

China and the European Union have agreed to exchange information on export controls as part of efforts to dial down tension over trade imbalances and geopolitical issues.

Europe’s trade chief said the relationship was at a “crossroads” and the bloc’s exporters needed better access to the world’s second biggest economy.

“Our relationship needs rebalancing to be mutually beneficial, based on transparency, fairness, predictability and reciprocity. I am glad that we made progress in addressing some market access issues,” Valdis Dombrovskis said in a statement.

The two sides also agreed to improve transparency on supply chains for raw materials and are considering a new “mechanism” to do so, the European Commission said in the statement issued Monday.

Dombrovskis is wrapping up