The EU’s high level of trade diversification, showcased in a European Commission report published today, supports a competitive and resilient EU agri-food sector. Trading key commodities, such as food, with a wide array of partners minimises supply chain risks and vulnerabilities. In the case of agrifood products, it strengthens resilience by not creating unnecessary dependencies […]
EU-US Critical Minerals Agreement
The European Commission has adopted its negotiating directives for a Critical Minerals Agreement (CMA) with the United States. The objective is to foster EU-US supply chains in critical raw materials needed in the production of electric vehicle batteries. In 2022 alone, the EU exported €8.3 billion worth of critical raw materials relevant to this industry. […]
EU renews temporary trade benefits for Ukraine
In a demonstration of its unwavering political and economic support for Ukraine, the Council suspended all customs duties, quotas and trade defence measures on Ukrainian exports to the EU for another year, until June 2024. The Council adopted today a Regulation which renews the suspension of all customs duties, quotas and trade defence measures on Ukrainian exports […]
EU trade with Russia declined strongly
EU trade with Russia has been strongly affected following Russia’s invasion of Ukraine, with the EU imposing import and export restrictions on several products. The effects of these measures have been particularly visible in the latest months. Considering seasonally adjusted values, both exports and imports dropped considerably below the levels prior to Russia’s invasion. Russia’s share in extra-EU imports fell from 6.4% […]
EU Trade Ministers’ Climate Coalition
The European Commission, EU Member States, and 26 partners countries have launched “The Coalition of Trade Ministers on Climate”, the first Ministerial-level global forum dedicated to trade and climate and sustainable development issues. The Coalition will foster global action to promote trade policies that can help address climate change through local and global initiatives. The […]
Council approves reinforced rules on granting trade preferences to developing countries
EU member states’ ambassadors today agreed the Council’s negotiating mandate on the revised Generalised Scheme of Preferences (GSP) regulation that grants trade preferences to developing countries. The new framework maintains the main features of the current system, but includes some improvements, such as stronger links to respect for human rights and the environment, and a better monitoring and transparency of […]
EU-US Trade and Technology Council addresses common challenges and responds to global crises
The EU and the US held the third Ministerial Meeting of the Trade and Technology Council (TTC) in College Park, Maryland. The TTC is a key forum to deepen transatlantic cooperation to facilitate trade and develop global standards on technology and security. Geostrategic challenges, including Russia’s unprovoked war of aggression against Ukraine, have reinforced the […]
EU exports under Free Trade Agreements surpass €1 trillion
EU trade deals mean increased exports, more stable economic relations and secure access to resources, a new report out today shows. EU exports to preferential partners for the first time surpassed €1 trillion in 2021, according to the Commission’s 2nd Annual Report on the Implementation and Enforcement of EU Trade Agreements. The Report also shows […]
Commission helps resume trade in European pork and poultry to the Republic of Korea
As a result of intense high-level engagement between the European Commission and the Republic of Korea, EU countries can, as of today, export pork and poultry to the Republic of Korea more easily. The Ministry of Agriculture, Food and Rural Affairs of the Republic of Korea (MAFRA) has decided to remove a longstanding trade barrier […]