Thu, Jan 20, 2022 @ 08:11 GMT
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EU pledged to guard against all protecionist actions

Regarding trade tension with the US, EU leaders reiterated that the US steel and aluminium tariffs “cannot be justified on the grounds of national security”. And European Council ” fully supports the rebalancing measures, potential safeguard measures to protect our own markets, and the legal proceedings at the WTO, as decided on the initiative of the Commission”. EU also pledged to “respond to all actions of a clear protectionist nature”.

European Council also “underlines the importance of preserving and deepening the rules-based multilateral system.” And it invites the European Commission to “propose a comprehensive approach to improving, together with like-minded partners, the functioning of the WTO in crucial areas such as (i) more flexible negotiations, (ii) new rules that address current challenges, including in the field of industrial subsidies, intellectual property and forced technology transfers, (iii) reduction of trade costs, (iv) a new approach to development, (v) more effective and transparent dispute settlement, including the Appellate Body, with a view to ensuring a level playing field, and (vi) strengthening the WTO as an institution, including in its transparency and surveillance function.”

Full EU summit conclusion here.

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