The upcoming reform of the World Trade Organisation (WTO) needs to include a fully functioning dispute settlement mechanism, the permanent secretary of the Ministry of Energy, Commerce and Industry, Marios Panayides, said during the Foreign Affairs Council (Trade) of the European Union, held on Friday in Brussels, according to an official statement issued by the Press and Information Office (PIO).
The discussions focused on the reform of the World Trade Organisation and the EU’s preparations for the 13th Ministerial Conference of the Organisation.
During his intervention, Panayides expressed Cyprus’s support to the European Commission’s approach, noting that Cyprus recognises the challenges inherent in the effort. 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 need for the swift ratification of the agreement on fisheries reached at the 12th WTO Ministerial Conference held in Geneva in June 2022.
During a discussion on EU – US trade relations, Panayides stressed the importance of transatlantic relations and agreed with concerns expressed regarding the negative impact of US inflation – reducing legislation on the EU’s economy and competitiveness.
Panayides also referred to the third EU – US Trade and Technology Council meeting which will be held in Washington DC on December 5th, and underlined the need for tangible results and the strengthening of transatlantic cooperation in areas critical to the green and digital transition.
The members of the Council also held an orientation debate on supporting Ukraine’s trade sector. During the debate, Panayides acknowledged the prominent role of trade policy and expressed Cyprus’s readiness to consider additional proposals aimed at providing economic assistance to Ukraine through the full utilisation 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 representatives of the 27 members states were briefed and exchanged views on the EU’s bilateral trade relations with third countries, in particular with Mexico, Chile and New Zealand, as well as in relation to the EU’s ongoing negotiations with Australia, India and Indonesia.
Speaking on behalf of Cyprus, Panayides acknowledged the economic and geopolitical importance of the agreements, but expressed the country’s reservations regarding the separation of the trade portion of the Association Agreements from the political portion, to the extent that it would set a precedent for future EU agreements.
Source: Cyprus News Agency