The Council will meet in Nairobi on 15 December to prepare for the conference in greater depth.
The Council reviewed a number of ongoing bilateral free trade negotiations, including the 'transatlantic trade and investment partnership' (TTIP) with the United States.
"An ambitious and balanced agreement during the Obama administration remains our goal", Mr Asselborn said. "However, we don't want a deal at any price but a global and good agreement that won't give away European standards."
The Council assessed the prospects for talks on a free trade agreement with Mercosur, South America's largest trading bloc, as well as various negotiations underway with the countries of Asia. Amongst these, it focused on free trade talks with Japan and with members of ASEAN, the Association of Southeast Asian Nations.