Nicosia: Minister of Finance Makis Keravnos has emphasized the importance of initiating a structured dialogue between the European Union and the United States to address tariff-related issues. This approach aims to achieve a mutually beneficial outcome for both parties, amidst concerns over potential disruptions in global trade.
According to Cyprus News Agency, Keravnos highlighted the Ministry’s proactive stance on the tariff issue, stating that they closely monitor daily developments and statements from the US President, which have significant implications for global trade dynamics. Despite Cyprus’ minimal direct export exposure to the US market, with only 1% of its exports directed there, the country remains attentive to the broader impact on the European economy.
Keravnos expressed concerns about the potential repercussions on key sectors of Cyprus’ economy, particularly tourism and services, due to the interconnected nature of EU economies. He assured that the Ministry and the government are actively engaged in EU discussions, monitoring, studying, and participating in processes where these issues are addressed.
The Minister disclosed that he recently presented this perspective to the Council of Finance Ministers, where it garnered significant support from a majority of countries. The central argument is that a structured dialogue with the US is essential to prevent the disorganization of international trade rules, which would be detrimental to all economies involved.