Nicosia: Trade Ministers gathering in Nicosia under the Cyprus Presidency will prioritize preparations for the upcoming WTO Ministerial Conference and recalibrating EU-China trade ties, Cyprus' Energy, Commerce and Industry Minister Michael Damianos said on Friday.
According to Cyprus News Agency, the Informal Meeting of Trade Ministers (FAC) in Nicosia, Cyprus, was opened by Damianos, who outlined an agenda focused on competitiveness, resilience, and strategic autonomy amid what he described as 'truly demanding geopolitical circumstances.' This meeting marks the first trade ministers' meeting under the Cyprus Presidency of the Council of the European Union.
Damianos expressed his pleasure in chairing the meeting, emphasizing the Cyprus Presidency's goal to promote a forward-looking agenda aimed at enhancing the Union's competitiveness. He highlighted the challenging geopolitical context, pointing to instability in Europe's neighborhood and rapid global shifts that emphasize the importance of Europe's resilience.
Under the motto 'An autonomous union, open to the world,' Damianos affirmed the Presidency's dedication to guiding the EU through uncertainty with unity and a clear commitment to shared values. Ministers will focus on preparations for the 14th WTO Ministerial Conference in Cameroon at the end of March, recognizing the WTO as the backbone of a predictable, rules-based global economy that requires renewal.
EU-China trade relations are also a key focus, with Ministers assessing recent developments and future engagement. Damianos noted a principled and pragmatic approach, aiming for a balanced and reciprocal relationship. The EU intends to keep markets open, protect security and critical technologies, and ensure a level playing field by addressing distortive subsidies and barriers while promoting fair competition. The approach is to 'derisk, not decouple,' emphasizing the importance of dialogue and enforcement.
Parallel to these discussions, Ministers will review progress on bilateral trade negotiations and relations with key partners, aiming to diversify supply chains and create opportunities for SMEs. Trade relations with partners such as the UAE, India, and Mercosur are expected to be discussed during a working lunch, although discussions will not necessarily focus on the US.
A press conference is scheduled to follow the conclusion of the meeting.