Accelerating efforts on fresh free trade accords spearheaded by Wadephul - Wadephul observed propelling progress in the establishment of fresh free trade accords
Foreign Minister Johann Wadephul has called for the expedited conclusion of free trade agreements between the European Union (EU) and key global partners, including Mercosur and India, this year. In a series of statements, Wadephul emphasised the importance of these agreements in demonstrating the EU's geopolitical influence and its ability to defend against hybrid attacks, such as those from Russia on infrastructure.
The negotiation process for the Mercosur free trade agreement commenced at the start of September. If completed, the Mercosur free trade zone, comprising Argentina, Brazil, Uruguay, and Paraguay, would be the largest of its kind worldwide, according to the EU. The EU and Mercosur are aiming to conclude the agreement this year as well.
Wadephul believes that the need to show the EU's capability in defending itself is more pressing than ever, in response to the protectionist trade and customs policy of US President Donald Trump. He suggests that a turning point is needed in foreign economic policy.
In a contrasting view, Peter Leibinger, President of the Federation of German Industries (BDI), believes that sovereignty is achievable in Europe. Leibinger proposes that partnerships on multiple levels could serve as a building block towards achieving sovereignty. He, however, disagrees with the notion that autonomy is not possible in Germany or Europe, as suggested by some.
Europe, according to both Wadephul and Leibinger, must be capable of creating new markets for sales and raw materials. Wadephul emphasised that the conclusion of these agreements is a central political task to ensure they are completed as quickly as possible this year.
The European Union is currently engaged in trade agreement negotiations with Mercosur countries and has partnership agreements with other countries. However, specific details on all current free trade negotiation partners are not explicitly provided in the available sources. Mercosur is confirmed as a partner in current free trade agreement negotiations.
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