EU supports open, fair, rules-based trade: EU official

Wednesday, 2021-03-03 11:28:09
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Trade ministers of the 27 member states of the European Union (EU) are broadly positive about the EU's new trade strategy and the European Commission's commitment to open, fair and rules-based trade, European Commission Executive Vice-President Valdis Dombrovskis said on Tuesday.

Addressing the media following a virtual meeting of the ministers, Dombrovskis stressed how the EU planned to rely on exports "more than ever" to help it bounce back from the effects of the COVID-19 pandemic.

"We are reaffirming our commitment to open, fair and rules-based trade. It is not just EU idealism. It is an economic and political necessity," he said.

Focusing on strengthening multilateralism and reforming global trade rules, the commission's strategy unveiled last month highlights the need for reforming the World Trade Organization and advocates the promotion of responsible and sustainable supply chains.