Cyprus stressed the need for the development of a functioning dispute settlement mechanism in international trade, during a discussion on the EU’s preparations for the next World Trade Organisation (WTO) Ministerial Conference. The discussion was held on Monday in Brussels, during the Foreign Affairs Council of the EU, in its Ministers of Trade configuration, in Brussels.

According to a statement issued by the PIO, Cyprus was represented by the permanent secretary of the Ministry of Energy, Trade and Industry, Marios Panayides.

During the discussion of the ministers ahead of the 13th WTO Ministerial Conference to be held in Abu Dhabi on 26 - 29 February 2024, Panayides stressed the importance of achieving tangible results and welcomed the European Commission's efforts in this direction. He stressed in particular the need for a functioning dispute settlement mechanism, the completion of negotiations on the ban on harmful subsidies in fisheries as well as the promotion of joint declaration initiatives with emphasis on e-commerce.

During a debate on preparations for the signing of an Interim Trade Agreement with Chile, member states who took the floor, including Cyprus, stressed the geopolitical and economic importance of the agreement.

In the context of a discussion on EU - US trade relations, Panayides praised the Commission's efforts to achieve an agreement on the Sustainable Global Arrangement for steel and aluminium, and on the Critical Raw Materials Agreement, which is a key action to mitigate the impact of the US Inflation Reduction Act.

Further, and in view of the 2024 elections, Panayides stressed the importance of continuing the positive agenda with the US through the Trade and Technology Council, which is the main forum for cooperation and promotion of transatlantic trade facilitation.

Finally, during a working lunch, the 27 were briefed and exchanged views on the current state of the EU's bilateral trade relations with third countries. Particular emphasis was placed on trade relations with Mercosur and Australia.