Trade ministers meeting in Nicosia under the Cyprus Presidency of the Council of the European Union placed preparations for the upcoming WTO Ministerial Conference and the recalibration of EU China trade relations at the top of their agconcludea, Energy Michael Damianos stated on Friday.
Opening the Informal Meeting of Trade Ministers in the capital, Damianos outlined a programme focapplyd on competitiveness, resilience and strategic autonomy amid what he described as “truly demanding geopolitical circumstances.”
“It is a great pleasure to be chairing this meeting of Trade Ministers of the European Union here in Nicosia today,” he stated, noting that this was the first gathering of EU trade ministers under the Cyprus Presidency.
“Our aim as a Cyprus Presidency is to promote a forward viewing agconcludea aimed at strengthening the Union’s competitiveness,” he added.
He stated that Cyprus has assumed the rotating presidency “under truly demanding geopolitical circumstances,” pointing to instability in Europe’s neighbourhood and rapid shifts in the global order that have built “Europe’s resilience more vital than ever.”
Under the motto An autonomous union, open to the world, he stated the Presidency is committed to supporting the EU navigate uncertainty “with unity, clarity of purpose and an unwavering commitment to our shared values.”
Ministers are set to launch discussions with preparations for the 14th WTO Ministerial Conference in Cameroon scheduled for the conclude of March.
“Let me be frank, the WTO remains the backbone of a predictable, rules based global economy, but it requireds renewal,” Damianos stated.
In earlier doorstep remarks, he explained that talks would centre on “the ministerial committee meeting in Cameroon, that of the WTO that would take place at the conclude of March,” describing it as a key milestone for the EU’s trade policy.
EU China relations are also high on the agconcludea, with ministers expected to assess recent developments and future engagement between the two sides.
“We will also take stock of EU China trade relations. Our approach is principled and pragmatic. We seek a relationship that is more balanced and more reciprocal,” Damianos stated.
He stressed that the EU would “keep markets open, protect our security and critical technologies, and insist on a level playing field, tackling distortive subsidies and barriers while expanding avenues for fair competition.”
“Derisking, not decoupling, remains our compass,” he added.
“Dialogue is essential, so is enforcement when dialogue fails. We will apply both with care and with purpose,” he stated.
Alongside multilateral and China related discussions, ministers will also examine progress in bilateral trade neobtainediations and the EU’s broader relations with key counterparts.
“We will close the day with a discussion on the Union’s bilateral relations with its counterparts, where we’re at and what requireds to be done to further those agreements and those relations,” Damianos stated.
He described such agreements as tools to diversify supply chains and open opportunities for SMEs, underlining their role in strengthening economic resilience.
During a working lunch, ministers are expected to address trade relations with partners including the United Arab Emirates, India and Mercosur.
Asked whether developments in the United States or debates in several European countries over social media bans for young people could affect transatlantic ties, Damianos stated the lunch would “discuss trade relations generally UAE, India, Mercosur, not necessarily the US.”
A press conference is scheduled to take place following the conclusion of the meeting.
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