BRUSSELS—The European Commission has dialed down efforts to promote its planned investment agreement with China, recognizing that EU lawmakers will not approve any such deal while Beijing maintains sanctions on five of their colleagues. The Commission said in a statement on Wednesday the EU-China Comprehensive Investment Agreement (CAI) could not be divorced from other EU-Chinese developments and that the sanctioning of EU lawmakers was “unacceptable and regrettable.” “The prospects for CAI’s ratification will depend on how the situation evolves,” the Commission said. That came after EU trade chief Valdis Dombrovskis told Agence France-Presse on Tuesday the EU executive had “in a sense” suspended political outreach activities and that the environment was not conducive for ratification of the agreement. The EU executive has hailed the CAI, struck at the very end of 2020, as a means to redress unbalanced economic ties. But concerns over China’s human rights record and skepticism from …