Black Friday is Now! Don’t miss out on up to 60% OFF InvestingProCLAIM SALE

Courting of EU on trade grows as U.S. withdraws: EU trade chief

Published 01/24/2017, 11:20 AM
Updated 01/24/2017, 11:30 AM
© Reuters. European Trade Commissioner Cecilia Malmstrom holds a news conference at the EU Commission headquarters in Brussels

BRUSSELS (Reuters) - The European Union's partners have thrown more energy into trade talks with the bloc since Donald Trump's election, the EU's trade chief said on Tuesday, warning that those backing trade barriers were "doomed to fail".

EU Trade Commissioner Cecilia Malmstrom said EU-U.S. trade negotiations were "firmly in the freezer" and that, while the United States was the EU's most important partner, there was a long list of countries wanting to deal with the 28-nation bloc.

"If anything, since November, we have seen many of our partners throw more energy and more resources at their negotiations with the EU," she told a conference at the Bruegel economic think tank in Brussels.

Since his inauguration as president last Friday, Trump has already withdrawn from the Trans-Pacific Partnership (TPP) and confirmed plans to renegotiate the North American Free Trade Agreement with Canada and Mexico.

Trade was essential for employment - with some 31 million European jobs dependent on exports - and was a way to spread good values and standards across the globe and to lift people in developing countries out of poverty, Malmstrom said.

Most countries, she said, still shared the same vision, believing in the benefits of open trade and investments.

"Those who, in the 21st century, think that we can become great again by rebuilding borders, reimposing trade barriers, restricting people's freedom to move, are doomed to fail," she said.

As the United States withdraws from TPP, the European Union is steadily lining up most of the remaining 11 countries that signed up to the deal a year ago.

The EU already has a pact with Peru, has agreed trade treaties with Canada, Singapore and Vietnam that are yet to take effect, appears close to a trade deal with Japan, is in talks with Mexico, plans to open talks with Australia, New Zealand and Chile and is looking at the prospect of talks with Malaysia.

© Reuters. European Trade Commissioner Cecilia Malmstrom holds a news conference at the EU Commission headquarters in Brussels

"Certainly enough to keep us busy," Malmstrom said.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.