Sat. Nov 26th, 2022

Ministers of European Union countries responsible for trade met in Prague. They discussed the geostrategic importance of trade and trade agreements as well as digital trade. They also dealt with trade relations with the USA.

“Our debate today focused on the geostrategic importance of trade policy in context of the Russian aggression in Ukraine and its economic recovery. We also discussed trade relations between the European Union and the United States of America with our ministerial colleagues, with the participation of United States Trade Representative, Ambassador Katherine Tai. The meeting also included a strategic debate on the future of the European approach to digital trade,” says Minister of Industry and Trade Jozef Síkela.

It is an open and active trade policy that can help solve a number of burning foreign policy issues. Thanks to diversification and entering new markets where the European Union’s exported products and services can be supplied, the Union will become less vulnerable and less dependent on supplies from unpredictable authoritarian countries. That is why it is important that the European Union jointly strengthens its trade relations, especially with those partners who share similar values.

Ministers also discussed the role of digital trade, which is one of the priorities of the Czech Presidency of the European Union in the field of trade policy. “We cannot ignore other changes that the international business environment is experiencing and that are necessary for exporting and competitive economies. One of these trends is digitization. And since digitization is present practically everywhere, it is essential for the European Union to adapt to the new reality in which digitized states trade effectively with each other,” says Minister Síkela.

The informal meeting of trade ministers followed up on the presidential priority “Strategic resilience of the European economy”. The EU’s priority is also the development of transatlantic trade relations. The United States is a key export market for the European Union, transatlantic cooperation is of extreme economic and geostrategic importance. “Therefore, I hope that our discussion will contribute to a successful outcome of the next Trade and Technology Council, which will facilitate the functioning of companies on both sides of the Atlantic,” adds Minister Síkela.

Source – Czech EU Presidency

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