Worrying signals from US offering trade opportunities for EU: commissioner

Due to the protectionist trend that the United States seems to be adopting, it's paving the way for the EU to forge its own trade agreements, European Commissioner for Trade Cecilia Malmstrom said on Friday.

The words came at the informal meeting of EU trade ministers here. Malmstrom added the decisions taken by the U.S. government have sent worrying signals.

The ministers agreed that multilateralism is the way forward in trade policies as it can stimulate economic growth, prosperity and create jobs.

As for the U.S. withdrawal from the Trans-Pacific Partnership (TPP), Maltese Economy Minister Chris Cardona said that the U.S. quitting brought more opportunities to the EU to make agreements with countries that have been rejected by the Trump administration.

On the back of the recently approved Canada-EU Comprehensive Economic and Trade Agreement (CETA), the EU has been working on deals with countries such as Mexico. It is in negotiations with some Asian countries and currently preparing to start others with Australia, New Zealand and Chile.

The ambitious trade agenda set out by the Commission for the coming months had the support of the EU trade ministers who convened in Malta for their informal meeting at the end of the week.

According to Malmstrom, these trade agreements would show that the EU is capable of making deals that benefit both parties, adding that such deals are shaping globalisation in a way favourable to citizens, companies and economies in general.

Ministers were also briefed about the Commission's efforts to establish a multilateral investment court. The Commission is working closely with the Canadian government in its effort to attract the widest possible support for the idea.

"Many countries are asking questions but there seems to be strong support," said Malmstrom.

At the meeting, a number of ministers pointed out the particular uncertainty related to the U.S. position on trade.

Maltese Economy Minister Cardona, currently chairing the Trade Policy Committee during the Maltese presidency of the Council of EU, said that while it needs to be cautious, the EU has to act swiftly if it intends to make its own deals with third countries. Endit