EU leaders set to reject protectionism in contrast to Trump

Image
Reuters BRUSSELS
Last Updated : Mar 08 2017 | 9:07 PM IST

BRUSSELS (Reuters) - European Union leaders are expected to encourage the bloc on Thursday to strike more free trade agreements and reject rising protectionist views, such as those of new U.S. President Donald Trump.

The leaders will not name Trump in a statement due to be issued after their summit meeting, but the message will stand in clear contrast to the U.S. president, who has withdrawn from a trans-Pacific trade alliance and promised to redraw the North American Free Trade Agreement with Canada and Mexico.

The EU leaders, meeting in Brussels, will welcome the European Parliament's approval of the EU-Canada Comprehensive Economic and Trade Agreement (CETA) paving the way for that deal to enter into force provisionally in the coming months.

"This is a clear sign at a time when protectionism tendencies are reappearing," a draft of the summit conclusions reads.

The leaders will urge the Commission, which negotiates on behalf of the EU's 28 members, to advance "resolutely" ongoing negotiations towards new free trade agreements.

EU negotiations with Japan appear closest to conclusion. The Commission has also accelerated talks to modernise an existing trade deal with Mexico and has said an agreement with the four countries of the South American trade bloc Mercosur is another priority.

The draft conclusions do include a call from EU leaders to adopt measures that would give the bloc more scope for imposing duties on products imported at excessively low prices or by companies buoyed by unfair subsidies.

The EU has been particularly active in the last couple of years setting import tariffs to limit a surge of steel from China.

The European Commission proposed in November a new way to assess whether Chinese manufacturer are exporting at unfairly low prices in response to Beijing's demand that China not be treated as a special case.

(Reporting By Philip Blenkinsop; Editing by Dominic Evans)

Disclaimer: No Business Standard Journalist was involved in creation of this content

*Subscribe to Business Standard digital and get complimentary access to The New York Times

Smart Quarterly

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Exclusive premium stories online

  • Over 30 premium stories daily, handpicked by our editors

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

First Published: Mar 08 2017 | 9:00 PM IST

Next Story