China and the European Union celebrated 40 years of diplomatic relations on May 6 following on the heels of record-breaking relations in 2014.

Chinese and EU officials met on the eve of the anniversary to discuss improving security and defense cooperation. Over the past four decades, Chinese and European Union trade relations have reached historical highs. When relations began in 1975, trade volume between China and the EU (then known as the European Economic Community) reached $2.4 billion. In 2014, the European Commission data recorded more than $615 billion worth of goods traded between the EU and China—equivalent to $1.68 billion every day. This marked a 9.9 percent year-on-year increase.

In March 2014, Chinese President Xi Jinping became the first Chinese president to visit the EU headquarters. He proposed “to build a China-EU partnership for peace, growth, reform and civilization, and thus bridge the Chinese dream and the European one.”

Half a year later, in September, China began direct trading between the yuan and euro. This strengthened bilateral trade and investments between China and eurozone members by reducing transaction costs. It also meant the United States dollar would not be used as an intermediary currency to calculate rates. One of the greatest economic alliances came in April this year when half of the EU became founding members of the Chinese-led Asian Infrastructure Investment Bank, ignoring pleas from the U.S. to not join.

China and the EU share a unique relationship. In terms of political structure, the two have very little in common. They don’t share geographical borders, nor are they close enough to challenge each other’s sphere of influence. There are no cultural roots, common values, language or beliefs that would bind the two together. Yet this partnership has been steadily evolving since it began in 1975. To understand why this is an important partnership to watch, read “The Great Mart.”