Video conference of trade ministers
16.04.2020
Ministers responsible for trade in EU member states discussed the impact of the Covid-19 pandemic on international trade and exchanged views on trade policy instruments best fitted to prevent the pandemic and overcoming its negative effects on the economy.
It was assessed that in the long run trade should be one of the engines for overcoming the current crisis. Much attention was dedicated to the issue of global supply & value chains. It was emphasized that they should be modified, in particular diversified, to ensure greater security of supply.
Another major challenge is the EU economic autonomy in strategic sectors, the lack of which has been exposed as the restrictions in response to the outbreak had been introduced.
During the meeting, attention was also drawn to the need to ensure the availability of medical products and personal protective equipment by maintaining the functioning of intra-EU supply networks and avoiding barriers in the single market.
Ministers noted the introduction of a temporary dispute settlement system of the World Trade Organization (WTO).