Brussels – European Commissioner for Trade and Economic Security Maroš Šefčovič emphasized the EU’s dedication to fulfilling its commitments under the July trade agreement with the USA during a press briefing on Monday morning, following discussions with U.S. Secretary of Commerce Howard Lutnick and U.S. Trade Representative Jamieson Greer. This statement was made prior to the commencement of negotiations among EU member states’ trade ministers, as reported by TASR.
Maroš Šefčovič noted that Howard Lutnick and Jamieson Greer were on their inaugural official visit to Brussels. They will participate in discussions with European ministers during the EU Council meeting on trade. “We had constructive bilateral talks with Secretary of Commerce Lutnick. We concur that the EU and the USA have a robust agreement, and today is focused on evaluating its implementation,” Šefčovič said, having met with Greer on Sunday and Lutnick before the ministerial meeting.
He detailed that the EU is meeting its obligations regarding strategic energy purchases, including liquefied natural gas (LNG), oil, and nuclear energy. This year, the Union has invested $200 billion in these areas, with U.S. LNG imports to the Union rising from 45% to 60% due to long-term contracts. Additionally, he mentioned that EU investments in the USA have nearly doubled to $154 billion since January.
“We are negotiating contracts for chip purchases exceeding $40 billion for the European economy. We recognize that significant work remains, particularly concerning steel and derivatives, where we aim to lower tariffs and collaboratively tackle global overcapacity,” he outlined.
These areas are priorities for the EU, as evidenced by the adoption of the steel regulation intended to rebalance the EU steel market. “We also addressed forward-looking initiatives, including critical raw materials, where we share a common goal of ensuring reliable supplies and bolstering our industrial foundation,” he added.
Šefčovič will communicate this information with all trade ministers from EU member states and will engage in discussions later in Brussels with representatives from the European industry. “We will also cover our relations with China with the ministers and update them on ongoing agreements and negotiations for free trade with all partners, including India, the United Arab Emirates, and other Asian countries,” stated Šefčovič.
When queried about the potential for progress on U.S. tariffs on EU steel, Šefčovič clarified that Monday’s discussion with the ministers will not involve negotiations but rather an assessment of the situation and a political review of EU-U.S. bilateral relations. The focus will be on economic collaboration, addressing global overcapacity, and all aspects related to economic security and the supply of raw materials and critical raw materials. (November 24)
“We recognize that significant work remains, particularly concerning steel and derivatives, where we aim to lower tariffs and collaboratively tackle global overcapacity.” Maroš Šefčovič
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