TRADE ministers from across the EU are in Dublin this week for an informal meeting of the Foreign Affairs Council on Trade.
Held as part of Ireland’s ongoing Presidency of the Council of the European Union, the ministers will meet today and tomorrow as they face a “new era of global trade tensions” a spokesperson for Ireland’s Department of Foreign Affairs said.
“The informal meeting of trade ministers is being convened at a critical juncture, with continued Russian aggression in Ukraine, conflicts in the Middle East, and a new era of global trade tensions,” the spokesperson explained.
“In particular, the informal meeting aims to strengthen and diversify our markets with reliable, global partners.”
Ireland’s Minister for Foreign Affairs and Trade, Helen McEntee, who is hosting the event, said she will use it to “build consensus on Europe’s response to these challenges”.
She is also keen to “jointly pursue an ambitious trade policy agenda that advances Europe’s diversification priorities and supports European competitiveness, resilience and economic security” she added.
Minister McEntee will host a high-level side event today featuring a panel discussion focused on the opportunities arising from the Comprehensive Economic and Trade Agreement (CETA) between the European Union and Canada.
European Commissioner for Trade and Economic Security, Maroš Šefčovič, and Canada’s Minister for International Trade, Maninder Sidhu will both attend the meeting.
A second panel event today will bring together representatives of female-led Irish, European and Canadian companies who have significant trade relationships in both directions.
Minister McEntee will also host a “strategic dialogue on life sciences”, between Commissioner Šefčovič, EU trade ministers and industry representatives from the pharmaceutical and medical devices sectors.
“Following the recent State of the Union speech by the Commission president, and as we look ahead to the EU-Canada summit, this event’s focus is to further strengthen our trade relationship with a reliable, global partner,” Minister McEntee said.
“The life sciences sectors of pharmaceuticals and medtech are essential for the EU’s competitiveness and account for almost 10 per cent of European GDP.
“I want to bring together EU trade ministers with significant life sciences sectors, the European Commission and industry for a strategic reflection to ensure that a vibrant and resilient life sciences ecosystem in Europe can deliver effectively for European citizens, communities, companies and jobs.”
Tomorrow Minister McEntee will host a discussion between EU trade ministers and Commissioner Šefčovič on the outcomes of the recent EU-China Trade and Investment Consultation Mechanism.
Further discussions will see ministers consider a number of preferential EU trade agreements, including a recent agreement with Philippines and ongoing negotiations with Malaysia, Thailand and the UAE.
“These agreements have the potential to open new markets, improve supply chain resilience, and create high-value-added jobs, contributing to European competitiveness,” the spokesperson added.
“Minister McEntee will anchor the discussion in the understanding that trade policy is one of the most important elements of the EU's toolkit for strengthening global, regional, and bilateral relations, including ties across the Atlantic,” they explained.
“Preserving a stable, predictable transatlantic trading environment will be a core focus during the meeting, which will conclude with a high-level discussion on EU-US trade and investment relations.”
“In her capacity as Chair, Minister McEntee will emphasise that engagement and dialogue offer the best way forward to address the challenges facing both the EU and US.”
Minister McEntee said she is “looking forward to” the meetings ahead.
“I am looking forward to this unique opportunity to host my EU trade minister counterparts to discuss, negotiate, and shape the EU’s trade policy, which plays such a crucial role in trade agreements and relations with non-EU countries and regions,’ she confirmed.
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