Šefčovič showed American partners that the EU is fulfilling its part of the trade agreement

Brussels – I have shown that the EU is committed to fulfilling its obligations arising from the July trade agreement with the USA in practice, and that it is doing so. This was stated by European Commissioner for Trade and Economic Security Maroš Šefčovič in front of journalists on Monday morning after meetings with U.S. Secretary of Commerce Howard Lutnick and U.S. Trade Representative Jamieson Greer. The Slovak Commissioner made this statement before the start of negotiations among the EU member states’ ministers responsible for trade policy, as reported by TASR.

Maroš Šefčovič reminded that Howard Lutnick and Jamieson Greer are on their first official visit to Brussels. During lunch, they will join the discussions of European ministers at the EU Council meeting on trade. “We had productive bilateral discussions with Secretary of Commerce Lutnick. We agree that the EU and the USA have a strong agreement, and that today is about assessing its implementation,” said Šefčovič, who also met with Greer on Sunday and with Lutnick before attending the ministerial meeting.

He specified that the EU is fulfilling its obligations regarding strategic energy purchases, including liquefied natural gas (LNG), oil, and nuclear energy. The Union has paid $200 billion for these this year, with the U.S. share of LNG imports to the Union increasing from 45% to 60% thanks to long-term contracts. He added that EU investments in the USA have increased by nearly 100% to $154 billion since January.

“We are negotiating contracts for the purchase of chips worth over $40 billion for the European economy. We are aware that there is still much work ahead of us, especially in the area of steel and derivatives, where we are trying to reduce tariffs and jointly address global overcapacity,” he described the situation.

According to him, these are priority areas for Europeans, as indicated by the adoption of the steel regulation, which aims to help restore balance in the EU steel market. “We also discussed the forward-looking program, including critical raw materials, where we share the goal of ensuring reliable supplies and strengthening our industrial base,” he added.

Šefčovič pointed out that he will share this information with all trade ministers from EU member states and later in the day will also discuss it in Brussels with representatives of the European industry. “We will also discuss our relations with China with the ministers, and I will inform them about ongoing agreements and negotiations on free trade with all partners, including India, the United Arab Emirates, and other countries from Asia,” said Šefčovič.

When asked whether there can be talk of a breakthrough regarding U.S. tariffs on steel from the EU, Šefčovič clarified that on Monday at the meeting with the ministers, it will not be about the negotiations themselves, but about assessing the situation and the political evaluation of bilateral relations between the EU and the USA. Discussions will focus on economic cooperation, how to address global overcapacity, and all elements related to economic security and the supply of raw materials and critical raw materials. (November 24)

“We are aware that there is still much work ahead of us, especially in the area of steel and derivatives, where we are trying to reduce tariffs and jointly address global overcapacity.” Maroš Šefčovič