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The Council discussed the future of the EU’s trade policy, which is a priority for the Hungarian presidency.
The discussion was a timely contribution setting out the Council’s expectations and guiding the Commission’s work for the future.
Ministers paid particular attention to the ongoing negotiations, including with Australia, Indonesia, India, Mexico, Mercosur, Philippines, Thailand and underlined that trade is a central pillar of the EU’s growth and competitiveness and can increase the resilience of supply chains.
The Commission, represented by Valdis Dombrovskis, vice president and commissioner for Trade, briefed ministers about the state of play in the main trade and investment negotiations.
Ministers discussed the state of play and prospects for our trade relations with the US, in light of the outcome of the recent US elections.
Ministers indicated that the transatlantic relationship remains of crucial importance - in trade terms but also in broader economic and geostrategic terms. Ministers have signalled the importance they attach to unity and coordination in charting relations with the new US administration. The EU will work with the new US administration to safeguard and further strengthen this relationship through open dialogue and a forward-looking agenda for cooperation.
The transatlantic relationship is a cornerstone of Europe's economic and strategic stability. Strengthening trade and connectivity between the EU and the US is essential for enhancing competitiveness and ensuring supply chain security. We are committed to building a pragmatic and mutually beneficial partnership with the new US administration to achieve concrete results that serve our shared interests.
Péter Szijjártó, Hungarian minister for Foreign Affairs and Trade
The European Union and the United States have the largest bilateral trade and investment relationship and enjoy the most integrated economic relationship in the world. Transatlantic trade (goods and services) reached an all-time high of €1,538 trillion in 2023.
Over lunch, ministers had the opportunity to discuss the future prospects of the WTO reform and the key areas under negotiation. Vice-president and commissioner for trade, Valdis Dombrovskis, focused on some of the EU’s most immediate priorities regarding the WTO reform and the long-term prospects for the multilateral trading system.
