EU Trade Ministers Informal Meeting

Prague, 2 November 2022 (TDI): European Union (EU) Foreign Trade Ministers met in an informal meeting in Prague on Trade relationships.

The geostrategic significance of commerce in crises and the necessity to distinguish trading partners and supply chains were both put on the agenda. They also talked about transatlantic relations and e-commerce.

On October 30 and 31, 2022, Trade Ministers convened in Prague informally. An informal gala dinner in the Zofin Garden area kicked off the event’s first day.

The Prague Congress Center served as the site of the major conference on October 31, 2022. The Trade Ministers also concentrated on trade relations with the US.

In the opening remarks the Executive Vice President of the European Commission, Valdis Dombrovskis said, “Once again, my thanks to Minister Sikela and the Czech Presidency for hosting us in your beautiful capital.

We today held what I would call “strategic discussions”. These are turbulent times, all policies must adapt, including trade”.

Let me start with the geopolitical context. Russia’s illegal and unjustifiable war is shifting perspectives on trade policy within the EU”

One of the goals of the EU members is to increase the strategic resilience of the European economy. Ministers also spoke about the geostrategic significance of commerce on the event’s main day, particularly in light of the Russia-Ukraine War.

They aimed to emphasize the part trade policy plays in resolving global problems, claiming that the relevance of trade policy is rising in the current geopolitical environment.

Hence it is essential for the diversification of supply chains and the corresponding decrease in dependence on adversarial regimes.

However, trade policy can also help to guarantee that the European Union (EU) has better access to raw materials.

Digital trade was another subject that was covered. The goal was to moderate the conversation about the economic and strategic significance of digital trade, an area that is fast evolving and in which the EU must take a lead role.

Possible strategies for this region were also discussed about current global trends, which are primarily controlled by Indo-Pacific nations due to their stringent regulations for digital trade.

The working lunch discussion was focused on the US-EU trade relationship. US Trade accepted the invitation to the debate.

EU-US Trade Relations

The largest bilateral trade and investment partnership and the most integrated economic system in the world are between the European Union and the United States.

The US is still by far the EU’s greatest trading partner when services and investment are taken into consideration, even if China will surpass the US as the top trading partner for products specifically in 2020.

Millions of employment in the US and the EU are supported by bilateral trade and investment. There are 9.4 million direct employees worldwide. Up to 16 million employments are indirectly supported on both sides of the Atlantic.

In 2021, transatlantic trade surpassed pre-pandemic levels by more than 10%, reaching an all-time high of 1.2 trillion euros. The total amount of US investment in the EU is four times greater than in Asia-Pacific.