The need to ensure a fully functioning dispute settlement mechanism in the context of the upcoming reform of the World Trade Organization, underlined in his intervention representing Cyprus on Friday at the EU's External Affairs Council (in the composition of Trade Ministers) the Director General of the Ministry of Energy, Trade and Industry, Marios Panagides, according to a statement relayed by the GMP.
The discussions focused on the reform of the World Trade Organisation and the preparation for the 13th Ministerial Conference of the Organisation, according to the statement.
In his intervention, Panagides shared the European Commission's approach, noting that Cyprus recognises the challenges of the project. In this context, he particularly stressed the need to ensure a fully operational dispute settlement mechanism, the importance of promoting plurilateral negotiations with a focus on e-commerce, as well as the swift ratification of the agreement on fisheries reached at the 12th WTO Ministerial Conference held in Geneva in June 2022.
In the ensuing discussion on EU-US trade relations, Panagides stressed the importance of transatlantic relations and shared the concerns expressed about the negative impact of US legislation on lower inflation, the EU's economy and competitiveness.
He also referred to the third EU-U.S. Trade and Technology Council meeting to be held in Washington DC on 5 December, and underlined the need to achieve tangible results and strengthen transatlantic cooperation in areas critical to the green and digital transition.
Council members also held an orientation debate on supporting Ukraine in the trade sector. In his intervention, Panagides, acknowledging the prominent role of trade policy, expressed readiness to consider additional proposals aimed at providing economic assistance to Ukraine through the full use of the EU-Ukraine Association Agreement and through a comprehensive and in-depth free trade agreement with the country, in line with recent European Council conclusions.
During a working lunch, the 27 representatives were briefed and exchanged views on the EU's bilateral trade relations with third countries, in particular on trade relations with Mexico, Chile and New Zealand, as well as in relation to the EU's ongoing negotiations with Australia, India and Indonesia.
In his intervention, Panagides acknowledged the economic and geopolitical importance of the agreements, however, he expressed Cyprus' reservations on the separation of the trade part of the Association Agreements from the political part to the extent that it would set a precedent for future EU agreements.
Source: CNA
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