EU-US trade agreement will serve as basis for strengthening security cooperation - Foreign Ministry

RIGA - Latvia views the trade agreement between the European Union (EU) and the United States as a "significant contribution to strengthening transatlantic relations", which will form the basis for further cooperation, especially in security policy, says Artjoms Ursulskis, Parliamentary Secretary of the Ministry of Foreign Affairs.

As LETA was told at the Foreign Ministry, at the beginning of this week, Ursulskis represented Latvia at an informal meeting of EU trade ministers in Horsens, Denmark. EU trade ministers discussed EU-US trade relations, trade aspects of the EU's economic security strategy, and current issues in EU bilateral trade negotiations.

The meeting included a discussion on the more strategic and coordinated use of EU economic security instruments. Latvia emphasized the need to defend European economic interests, including continuing work on setting tariffs for goods originating in Russia and Belarus. At the same time, the EU needs to continue working intensively on new free trade agreements, as economic security is also built by strengthening cooperation with like-minded countries.

"We support the European Commission’s work in negotiating trade agreements, such as with the Mercosur countries, Mexico, Indonesia, and Australia, which will also provide Latvian entrepreneurs with broader access to new markets and eliminate various administrative barriers," Ursulskis said at the meeting.

The EU has one of the most extensive networks of trade agreements in the world - currently having more than 40 trade agreements with over 75 partner countries. The latest political agreements have been reached with Mexico, Mercosur (Argentina, Brazil, Paraguay, Uruguay) and Indonesia.

Negotiations on agreements are continuing with India, the United Arab Emirates, Australia, Thailand, Malaysia, the Philippines and other countries. In addition, the European Commission is also working on new, innovative and strategic forms of cooperation, sustainable investment promotion agreements, critical raw materials and digital trade partnerships, as well as Trade and Technology Councils.