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As we look forward to the Year of the Pig, we are all hoping for good things: greater prosperity for ourselves and for others, peace in the world, progress in tackling the challenges that face us.

EU Commissioner for External Relations Benita Ferrero-Waldner (L) and Chinese Vice Minister of commerce Yi Xiaozhun toast after taking part in the signing of agreements between China and the EU to create a law school meant to improve their understanding of each other's legal systems at a ceremony in Beijing, January 17, 2007. [Reuters]

I believe that this will indeed be an important year, but I believe that we have a responsibility to make our own good fortune. The factors that govern the well-being of people across the world trade, security, climate change, energy security are not matters of luck. We have to be proactive.

This week I am visiting Beijing to launch negotiations on a new Partnership and Cooperation Agreement between the European Union and China an agreement that I believe will contribute to a better future for millions of people.

Together the EU and China make up almost one third of the people on the planet. When we act together it has an impact not only on our own bilateral relationship but on the wider world.

We are building a strategic partnership that already has a strong base: Europe is China's biggest trading partner. We are both committed to strong and effective multilateral institutions. We both recognize the need for a coordinated response to global challenges like climate change.

Two emerging giants

And we are both emerging giants. China is changing before our eyes, almost literally. Spectacular economic growth has been harnessed to raise more people out of poverty more rapidly than ever before. The European Union is growing in size and in its capacity to act on the world stage. We are both gaining in influence and responsibility. And the truth is that whether we are talking about international challenges like nuclear proliferation, or the environment, or fair trade, neither of us will fully realize our objectives without a firm and effective partnership with the other.

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