THE ˥∀Ǝᗡ IS IN THE BAG!
Here’s what it means ⬇️
The 🇪🇺-🇦🇺 Free Trade Agreement delivers:
📈 Exports up to +33% over the next decade
💶 Up to €17.7 billion in additional annual EU exports
💰 €1 billion saved every year in duties
Here’s why it matters ⬇️
🧵1/5
A historic day for the 🇪🇺🇮🇳 partnership and trade at its core.
Our FTA creates a market of nearly 2B people. But it's about more than scale - a choice for openness over protectionism, cooperation over fragmentation, rules-based trade over unpredictability.
That choice matters.
🤝 After a year of tireless engagement and more than a decade in the making, we've delivered the biggest FTA ever. High tariffs down, opportunity unleashed. Proof that win-win trade is real and that genuine partnership, like with Minister @PiyushGoyal, is always worth the effort.
Strong piece by Commissioner @MarosSefcovic in the FT on the need to reform the WTO to equip it for today’s challenges.
🇪🇺 Submission in Geneva setting out the EU vision for a substantially transformed WTO coming shortly — watch this space!
Global trade has evolved — but WTO rules and tariffs largely haven’t.
🇪🇺 The EU has therefore tabled its vision for deep WTO reform, built on predictability, fairness and flexibility.
👉 Read the full submission: https://t.co/biGC83p4v5
The global trading system is being tested like never before. At its centre stands the @wto, which must be equipped to meet today's challenges. The EU's vision tackles the root causes - aimed at preserving predictability, delivering fairness and flexibility. My piece @ftopinion👇
25 years in the making.
The EU-Mercosur agreement is the achievement of a generation.
For the benefit of generations to come.
Long live the friendship between our people and our continents. https://t.co/2EOnBo9V3v
At yesterday’s 🇨🇦🇨🇷-hosted stocktaking of the WTO Industrial Policy Dialogue, the EU 🇪🇺 set out ideas on the way forward.
Industrial policy & level-playing-field issues must be central to WTO reform, with MC14 establishing a work program to move from dialogue to solutions.
A meaningful reform of the @wto is urgent. While some challenges - like ensuring a level playing field - require immediate action, many WTO rules remain vital and time-proof. The EU remains committed to constructive engagement.
Glad to exchange with @NOIweala in South Africa.
Today, EU 🇪🇺 Ambassador to the WTO @EUAmbWTO spoke at a #WTOPublicForum session organised by @BusinessEurope on strengthening cooperation in digital trade, sharing the EU’s perspective on advancing e-commerce rules and driving WTO reform. 💻🌍
The EU strongly supports the global trading system — and its reform.
In times of trade tensions, we need rules, fairness & cooperation more than ever.
The @WTO is the guardian of these rules.
I'm glad to know that it is in good hands in this time of change, dear @NOIweala.
In response to new US tariffs affecting more than €18 bn of EU exports, the EC is putting forward new countermeasures on US exports. They will come into force following consultation of Member States and stakeholders. Consultation and list of products 👇 https://t.co/rNSspzWMvU
The U.S. has chosen unjustified tariffs, leaving us with no choice but to respond.
👉 The currently suspended EU's rebalancing measures will return on 1 April.
👉 We'll proceed to a new set of EU countermeasures.
The disruption is avoidable. We're ready to negotiate.
Great discussion at the 4th session of @WTO's Industrial Policy Dialogue, this time on subsidy transparency!
🙏 to our speakers Matthew Kamau 🇰🇪, Hideyasu Tamura 🇯🇵 & @LucaRubiniLuca 🇪🇺 for insights on notification challenges, alternative data & gaps in subsidy disciplines.
1/2
Like business, #trade too thrives on predictability and fair rules. A valuable exchange with @wto DG @NOIweala.
📝👉 https://t.co/kCWPG7bjUu
🎥👇
@EUmissionWTO@Trade_EU
🤝 Congratulations to @NOIweala on her reappointment as #WTO Director-General!
The EU 🇪🇺 warmly supports her leadership and commitment to a fair and effective global trading system ⚖️.
The EU will work closely with her and fully support her efforts to reform the WTO. 🌍
At today’s #WTO General Council, @NOIweala presented her compelling vision for the organization 🌍 and handled tough questions from WTO Members with confidence and clarity.
Looking forward to tomorrow’s decision on the next WTO Director-General! ✅
Are you a young graduate passionate about trade and international relations? 🌍 Curious about the EU’s 🇪🇺 work at the @WTO?
Apply now for a funded traineeship and gain hands-on experience! 🤝
Further information here: https://t.co/xzjE7LDHUz
Deadline ⏳: 22 November 2024
The 2nd session of the @WTO's industrial policy dialogue, co-hosted by Costa Rica 🇨🇷, Vietnam 🇻🇳 & South Africa 🇿🇦, highlighted developing Members’ approaches to industrial policy & its impact on trade. Great engagement from WTO Members today!
Next up: UK & Thailand on Nov 29!