(MENAFN- Kuwait News Agency (KUNA)) BRUSSELS, May 25 (KUNA) -- European Union Trade Ministers Thursday took stock of the state of play on the key issues in EU-US trade relations and prospects for continued engagement with the US.
Ministers focused on the EU-US Trade and Technology Council ahead of its fourth meeting next week in Sweden, said an EU statement released after the meeting this evening.
"The US continues to be our key ally and largest trading partner. Our bilateral trade reached a stunning 1.4 trillion euro (USD 1.5 trillion) last year," European Commission Executive Vice President Valdis Dombrovskis told a press conference after the meeting.
Continuing the work on a Global Arrangement on Sustainable Steel and Aluminium was also seen as a priority.
Further, Ministers held a discussion on EU-China trade relations. The strategic debate focused on existing and potential critical trade dependencies with China and the exploration of instruments, which would be needed to handle those risks.
"China remains an essential trading partner for the EU - our trade value is of 2.3 billion Euro per day," Dombrovskis said.
"However, our economic relationship continues to be unbalanced, characterized by a large trade deficit, distortive economic practices, and strategic dependencies, not least when it comes to critical raw materials for green and digital transitions," he noted.
Moreover, he informed the ministerial meeting about the preparations for the upcoming EU-China High-Level Dialogue for Economy and Trade, expected to take place before the end of the year.
He also informed the Ministers about the latest updates regarding the preparation of the 13th WTO Ministerial Conference.
Finally, he briefed the meeting on the state of play of ongoing bilateral trade negotiations with Australia, India, Indonesia and Kenya. (end)
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