Spain Broadens EU’s Trade Horizons

EU-Spain's EU Presidency Secures New Global Trade Milestone

EU and Spanish flags. Credit: Casablanca Stock/Shutterstock.com

A recent development seems to indicate that the EU is setting new trade benchmarks around the world under Spain’s guidance.

The EU Foreign Affairs and Trade Council, led by Spain’s presidency of the Council of the EU, recently reached a pivotal milestone in global trade relations, according to La Moncloa.

The Council gave the green light for the EU-New Zealand Free Trade Agreement. This significant move took place during a meeting focused on the progress of the EU’s bilateral trade negotiations.

Key Participants

This landmark meeting occurred in Brussels, where the EU ministers assessed ongoing trade discussions between the EU and various countries and regions.

Crucially, the approval of the EU-New Zealand trade agreement was confirmed. This agreement will become effective following the completion of necessary legal procedures by New Zealand.

EU-Mercosur Negotiations

The EU’s broader trade agenda was a key topic of discussion. This included, notably, the EU-Mercosur Agreement and potential agreements with nations like India, Indonesia, and Thailand.

The meeting was chaired by Xiana Mendez, Secretary of State for Trade, on behalf of First Vice-President Nadia Calviño.

Attendees included Valdis Dombrovskis, the Executive Vice-President of the European Commission, and trade ministers from EU member states.

‘This is a key moment to make progress in diversifying export and import markets for supplies that are of paramount importance for the EU’s economic security.

‘In particular, the Spanish presidency is fully committed to achieving definitive progress on the agreement between the EU and Mercosur, as one of the EU’s priority trading partners’, said Xiana Mendez.

Strengthening Transatlantic And Global Trade Relations

In addition to these agreements, trade ministers deliberated on the upcoming Interim Trade Agreement with Chile, set for December 2023. The meeting also addressed the state of trade relations between the EU and the US, emphasizing the need to resolve existing trade issues and enhance trade between the two economic powerhouses.

‘Trade and investment relations between the EU and the US are the most intense in the world. We must continue to persevere in our commercial ties and resolve differences to ensure the most favourable business climate possible’, highlighted Mendez.

Furthermore, the European Commission’s ‘Implementation and Enforcement of EU Trade Policy’ report was presented. The council also discussed preparations for the 13th WTO Ministerial Conference, focusing on the necessity for a multilateral global order based on transparent and equitable trade rules.

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Written by

John Ensor

Originally from Doncaster, Yorkshire, John now lives in Galicia, Northern Spain with his wife Nina. He is passionate about news, music, cycling and animals.

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