Nicosia: European Trade Commissioner Maros Sefcovic emphasized the necessity for a "deep and credible reform agenda" for the World Trade Organization (WTO) as he attended the Informal Meeting of EU Trade Ministers in Nicosia. He underscored the need to modernize the WTO to reflect current global trade realities and restore trust in multilateral systems.
According to Cyprus News Agency, Sefcovic highlighted the EU's commitment to a reform agenda based on predictability, fairness, and flexibility. He pointed out that the existing balance of "rights and obligations" from 30 years ago no longer mirrors today's global trade environment. Furthermore, Sefcovic noted that discussions among the ministers would focus on China and the structural imbalances that persist, as well as the progress in ongoing trade negotiations. He urged expediting the ratification processes for free trade agreements to avoid costly delays, emphasizing the urgency given the volatile global landscape.
Sefcovic also addressed the complexities of the EU-India trade deal, describing it as one of the most challenging negotiations, with tariffs reaching up to 140% on some imports. He expressed optimism about the potential compromise, citing a review clause to reassess terms as India's economy continues to expand. On the Mercosur agreement, he aligned with Commission President Ursula von der Leyen, stressing readiness for ratification once Mercosur partners are prepared. He estimated that delays since 2021 have cost the EU nearly 300 billion pounds in GDP and over 280 billion pounds in export opportunities.
France's Deputy Trade Minister Nicolas Forissier supported WTO reform but advocated for a "balanced but also firm" approach regarding multilateral rules and EU-China relations. He emphasized the importance of defending and promoting multilateralism while maintaining dialogue with China to foster a mutually beneficial partnership.
Poland's Undersecretary of State Michal Baranowski expressed concerns over Chinese subsidies, referencing an IMF report indicating substantial spending on subsidies by China. He stressed the need for the EU to develop additional tools, such as stronger trade defence measures and FDI monitoring, to protect European industry and technology.
Spain's Secretary of State for Trade Amparo Lopez Senovilla expressed support for WTO reform and key trade agreements, particularly with Mercosur and India. She highlighted the importance of strategic autonomy while acknowledging structural imbalances with China.
Finland's Foreign Trade Minister Ville Tavio advocated for reducing reliance on China by building resources in Europe and diversifying trade agreements. Ireland's Foreign Minister Helen McEntee described the current global trade moment as critical, emphasizing the importance of WTO reform and maintaining high standards in trade relations.
Lithuania's Foreign Minister Kestutis Budrys called for an EU economic defence plan similar to NATO's deterrence strategy, stressing the need for cooperation with the US on critical minerals and semiconductors. Meanwhile, the Czech Republic's Director General for EU and Foreign Trade, David Muller, advocated for a pragmatic approach to trade, emphasizing the importance of openness and preserving the WTO as the "backbone of global trade."