Latvia calls on the European Commission to promote mutually beneficial, pragmatic transatlantic trade relations

RIGA - On May 15, Foreign Ministry's Parliamentary Secretary Artjoms Ursulskis represented Latvia at the meeting of the European Union trade ministers in Brussels, which focused on current EU-United States trade relations, the implementation of the European Economic Security Strategy and EU trade agreement negotiations, LETA learned from the ministry.

In a discussion on trade relations with the U.S., the Parliamentary Secretary emphasized: "Despite current challenges, the U.S. remains a strategically important partner to the EU. In the current situation, it is essential to avoid escalation in relations and therefore we must continue advocating a close, positive and pragmatic trade cooperation. The protection of the EU’s economic interests must be pursued in a targeted manner, considering the wider geopolitical context."

He also welcomed the European Commission’s proactive engagement with the partner and called for further dialogue with the U.S. in order to facilitate the deepening of trade relations through mutually beneficial solutions.

Ministers were briefed on the progress made with the implementation of the European Economic Security Strategy. "Due to the complicated geopolitical situation, economic risks are constantly and rapidly changing, so it is essential to maintain the ability to flexibly adapt economic security policies. Latvia sees the reduction of trade dependencies, especially from Russia and Belarus, as the main objectives of economic security; accordingly, we welcome the European Commission’s work on increasing tariffs on imports of agricultural produce and fertilizers from those aggressor countries," Ursulskis noted at the meeting.

The Parliamentary Secretary also highlighted the need for building closer cooperation with the EU’s key partners such as the U.S., Canada, Japan, and the United Kingdom to develop mutually compatible and supportive approaches to promoting economic resilience.

In conclusion of the meeting, the EU Trade Commissioner Maros Sefcovic shared the latest developments in negotiations on EU trade agreements and partnerships. The Parliamentary Secretary stressed that more than ever, the expansion of bilateral strategic trade cooperation with loyal and interested partners in Latin America, the Indo-Pacific region, Africa, and the Gulf States must continue. Ursulskis also underlined the importance of trade liberalizations talks between the EU and Ukraine.

The EU Foreign Affairs Council in its Trade configuration deals with the EU’s trade relations with third countries, including trade in goods and services, the commercial side of intellectual property rights, the aspects of international public procurement and the foreign direct investment rules. The meetings are chaired by the minister in charge of trade matters of the country holding the presidency of the Council of the EU.

The EU has one of the largest trade agreement networks in the world, comprising over 40 trade agreements with more than 75 partner countries. The latest political consensus has been reached on agreements with Mercosur (Argentina, Brazil, Paraguay, Uruguay) and Mexico. Negotiations on the signing of an agreement have been resumed with Malaysia and are ongoing with India, Indonesia, Thailand, and other countries. In addition, the European Commission is also working on new and innovative forms of cooperation such as sustainable investment facilitation agreements, critical raw material and digital trade partnerships, Trade and Technology Councils, and others.