The EU Foreign Affairs Council, composed of Trade Ministers, met today in Brussels. Cyprus was represented by the Director General of the Ministry of Energy, Trade and Industry, Mr Marios Panagides.
The discussions focused on the reform of the World Trade Organization (WTO) and the preparation for the 13th Ministerial Conference of the Organization. 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 an emphasis 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, after stressing the importance of transatlantic relations, shared the concerns expressed about the negative impact of US inflation-reducing legislation on the EU's economy and competitiveness. Referring then to the 3rd EU-US Trade and Technology Council to be held in Washington DC on 5 December, Panagides underlined the need to achieve tangible results and strengthen transatlantic cooperation in areas of critical importance for the green and digital transition. 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.
Finally, during a working lunch, the 27 had the opportunity to catch up and exchange views on the current state of the EU's bilateral trade relations with third countries. Particular emphasis was placed on trade relations with Mexico, Chile and New Zealand, as well as in relation to the Union's ongoing negotiations with Australia, India and Indonesia. In his intervention, Panagides acknowledged the economic and geopolitical importance of the agreements, but expressed our country's reservations about 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.
(Mg)
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