Papanastasiou discusses ensuring a coherent EU trade and industrial policy in Warsaw

Minister of Energy, Commerce and Industry George Papanastasiou discussed ways to ensure a coherent trade and industrial policy aimed at strengthening the EU's global position, during the joint informal meeting of the EU Competitiveness (Industry and Internal Market) and the Foreign Affairs Council (Trade) in Warsaw.

The meeting was held on Tuesday, 4 February 2025.

According to a statement, the Ministers assessed current instruments supporting the EU's global competitiveness and the European industrial ecosystem, and discussed how to better interlink trade and industrial policy to strengthen the resilience of the single market and develop a common approach for the EU's international partners.

It is added that during the working lunch, Ministers engaged in exploratory discussions on the most promising value chains and the adaptation of trade agreements and instruments for the integration of candidate countries into the EU single market, while in an afternoon session, they exchanged views on the state of the EU's trade relations with the US.

As noted, in his intervention during the morning plenary session on ensuring a coherent trade and industrial policy to strengthen the EU's global competitiveness, Papanastasiou highlighted the need to chart a sound course towards a competitive, resilient and sustainable future for industry through bold, forward-looking initiatives such as the Clean Industrial Deal, sectoral action plans and simplification of European legislation. At the same time, he noted the need to strengthen the coherence and interconnection of trade and industrial policy, as part of the same strategic mix, in order to diversify the European economy, reduce dependencies and strengthen the resilience of value chains.

It is added that in a discussion during the working lunch on the most promising value chains and the adaptation of trade agreements and instruments for the integration of candidate countries into the EU single market, Papanastasiou advocated the integration of candidate countries into the EU energy networks, to reduce energy costs and diversify/expand energy sources and the overall energy security of the Union, while in the field of trade, he highlighted the need to deepen economic links in areas such as financial and energy security, and the need to strengthen economic cooperation in the EU.

He also stressed that the use of binding and non-binding trade and cooperation instruments, such as net trade and investment agreements, would stimulate trade and investment, enhance the attractiveness of the EU's offer, increasing leverage to protect and promote its values and interests in critical areas and pave the way towards accession.

Finally, it is stated that during the afternoon session on the state of trade relations with the US, the Minister highlighted the fact that the US is a strategic and the largest partner of the EU in terms of trade and investment, calling for strengthening transatlantic relations through a positive trade agenda and expanding areas of cooperation.

At the same time, he supported efforts to safeguard the EU's interests in existing trade disputes with the US and to enhance the EU's global competitiveness in technological and economic terms.

(Source: CNA)