Video conference of foreign affairs ministers (trade), 9 June 2020
EU trade ministers discussed the implications of the COVID-19 pandemic for trade policy and the multilateral system
Main results
World Trade Organization (WTO)
Trade ministers discussed relevant matters linked to the WTO, in particular in view of the disruptions caused to the multilateral trading system by the COVID-19 pandemic.
Ministers highlighted the importance of preserving the WTO as a relevant instrument for the post-COVID-19 world. They stressed in particular the need to ensure transparency on trade restrictions introduced in response to the current crisis and discussed a possible initiative for facilitating trade in healthcare products.
As regards ongoing WTO negotiations, ministers put the emphasis on issues related to sustainable development, e-commerce, domestic regulation in services and investment facilitation.
Ministers also took stock of the selection process of a new WTO Director General, following the decision by the current Director General, Roberto Azevedo, to step down as of 31 August 2020. They stressed the importance of expediting the process so that the new Director General can take office on 1 September. They also called for the future Director General to be a strong supporter of multilateralism, with the necessary experience and ability to push an ambitious agenda for the WTO.
Implications of the COVID-19 pandemic for trade policy
Trade ministers addressed the negative impact the pandemic has had on global trade, and the role of global supply chains in the recovery.
COVID-19 has led to a sharp increase in protectionist measures and disruption to vital supply chains. But protectionism is by no means a solution. Cooperation, multilateralism and free and fair trade only can help us out of the crisis.
Gordan Grlić Radman, Minister for foreign and European affairs of Croatia
COVID-19 has revealed some weaknesses in global trade and is likely to accelerate certain trends that were already present before the crisis. In this context, the Commission is expected to make a review of the EU's trade policy by the end of the year in order to ensure trade policy contributes to the post-COVID-19 recovery.
Ministers stressed the need to diversify and solidify the EU's supply chains and called for the deepening of the EU's network of trade agreements with key global partners. Many delegations also stressed the essential role sustainable development should play in the EU's future trade policy.
Meeting information
-
-Meeting n°VC-FAM-090620
-
-9 June 2020