Vice-Minister Plepytė in Brussels: A competitive industry, resilient supply chains, and diversification of trade links are at the heart of the EU’s economic securityEconomic[...]

On 22 May, the Vice-Minister of Foreign Affairs Audra Plepytė attended a meeting of the European Union's Foreign Affairs Council (Trade) in Brussels. Trade Ministers discussed ways to strengthen Europe's economic security amid the growing impact of the conflict in the Middle East on international trade.

The Vice-Minister underlined that the unstable security situation has a significant impact on international transport routes, energy and raw material supply, and the stability of global trade.

"The EU's economic security must be achieved through practical measures: strengthening industrial competitiveness, diversifying trade relations and developing partnerships with like-minded countries, increasing the resilience of supply chains and more effective coordination at the EU level," said Plepytė.

The Vice-Minister also stressed that disruptions in trade and supply chains cannot be used as a pretext for easing sanctions against Russia or Belarus. According to Plepytė, it is necessary to maintain pressure on the aggressors, strengthen the enforcement of sanctions, and ensure that the EU's trade policy supports Ukraine.

The Council meeting discussed the EU's further action following the inconclusive outcome of the 14th World Trade Organization (WTO) Ministerial Conference. The Vice-Minister noted that the WTO remains an essential part of the international trade system and the EU must actively pursue the WTO reform that responds to today's geopolitical and economic challenges.

Over a working lunch, Ministers reviewed the implementation of the EU trade agreements with third countries and the further agenda for negotiations. Lithuania welcomed the agreement on implementing the EU tariff commitments under the EU-U.S. Joint Statement.

"Cooperation with the U.S. remains an essential element in strengthening the EU's economic security and building secure supply chains," the Vice-Minister stressed.

Photos: The EU