Cyprus backs Commission strategy for EU–US trade agreement

Cyprus supports the European Commission’s strategy toward a stable and mutually beneficial EU–US trade agreement, Energy, Commerce and Industry Minister George Papanastasiou told an EU Foreign Affairs Council (Trade), held in Brussels this week.

Papanastasiou also emphasised the need to diversify European supply chains by expanding the EU’s network of trade agreements, highlighting the importance of this strategy for enhancing the resilience of member states, especially during times of geopolitical uncertainty.

The discussions focused primarily on EU–US trade relations. In his intervention, Papanastasiou "welcomed the Commission’s efforts to reach a long-term, mutually advantageous deal that would ensure stability in transatlantic relations and predictability for businesses and consumers".

On the proposed balancing measures, the Minister supported the Commission’s view that negotiations should continue so that the Union and its member states are prepared to safeguard their strategic interests, if needed.

In the discussion on current trade negotiations, European Commissioner for Trade and Economic Security Maros Sefcovic provided an update on progress with key strategic partners, with particular emphasis on India, Indonesia, the United Arab Emirates, and the Mercosur countries, as well as on the initial agreement to revise the EU–Ukraine Association Agreement, the press release added.

During the talks, Minister Papanastasiou welcomed the progress achieved and again stressed the importance of diversifying EU supply chains by extending the network of trade agreements, particularly in the current global context.

Ahead of the upcoming EU–China Summit, scheduled for the end of July, ministers also had the opportunity to receive a briefing from the Commissioner on EU–China trade relations and to exchange views during a working lunch.