More
    HomeWorldEU trade chief says accelerating free trade talks with Asia | World...

    EU trade chief says accelerating free trade talks with Asia | World News – Times of India

    Published on

    spot_img


    Maros Sefcovic (Photo: AP)

    SINGAPORE: The European Union is accelerating free trade talks with Asia following hefty tariffs by US President Donald Trump, the bloc’s trade chief said Wednesday.Trump has slapped a series of higher tariffs on Europe since March and in his biggest move, he imposed a 20-percent tariff on a majority of EU goods last month — before announcing a 90-day pause that is due to expire in July.Negotiations with Washington are a priority but such talks will not come “at any cost”, EU Trade Commissioner Maros Sefcovic told reporters in Singapore.“I would like to underscore that in today’s geopolitical context, we are making sure that the EU is not putting all its eggs in one basket,” he said.“Bilaterally, we are accelerating the negotiations with Indonesia, the Philippines, Thailand and Malaysia,” he said.All four countries are key members of the 10-member Association of Southeast Asian Nations (ASEAN), a region of more than 650 million people.“And we are also stepping up engagement with India. We just had another round of negotiations just last week,” said Sefcovic.He was speaking in Singapore after signing a digital trade agreement between the EU and the city-state on Wednesday.“Our goal here is also very clear: to keep signing agreements and remain a reliable, trusted and predictable partner in a rapidly shifting global landscape,” he said.The commissioner said the EU is also looking at “potential enhanced cooperation” with members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Signs of ‘de-escalation’ The EU has a surplus of 154 billion euros ($175 billion) against the United States in goods trade, but is in deficit for 104 billion euros in services, Sefcovic said, citing data from the European Statistics Office.This leaves the EU with a surplus of 50 billion euros, which can be rebalanced by buying more liquefied natural gas, soya beans and high-end computer chips from the United States, Sefcovic said.Trump has said the deficit is several hundred billion dollars a year.There is currently a “baseline” levy of 10 percent on goods from the 27-country EU and other nations around the world.Negotiators are now seeking to avoid a full trade war if the higher tariffs come into force in July.The EU will also be looking for signs of “de-escalation” when US and Chinese officials meet in Switzerland for tariff talks this weekend, the commissioner said.Trump has imposed tariffs totalling 145 percent on goods from China. Beijing has retaliated with 125 percent levies on imports from the United States.





    Source link

    Latest articles

    Team Uddhav taunts Raj Thackeray day after reunion rally: Had tea with Amit Shah

    A day after Uddhav Thackeray and Raj Thackeray shared the stage in a...

    From Sex Clubs to Castles, Latex to Upcycling, Berlin Fashion Week Had Something for Everyone

    BERLIN — There was something for everyone at this season’s four-day iteration of...

    ‘Worrying disappearance’: 18-year-old French national missing in Iran; 20 Europeans under detention in country – Times of India

    An 18-year-old Frenchman, who also holds German citizenship, has gone missing...

    Meet ’90 Day Fiancé: Happily Ever After?’ Season 9’s Couples

    Fresh off the dramatic 90 Day Fiancé Season 11 Tell All, TLC is back with more 90...

    More like this

    Team Uddhav taunts Raj Thackeray day after reunion rally: Had tea with Amit Shah

    A day after Uddhav Thackeray and Raj Thackeray shared the stage in a...

    From Sex Clubs to Castles, Latex to Upcycling, Berlin Fashion Week Had Something for Everyone

    BERLIN — There was something for everyone at this season’s four-day iteration of...

    ‘Worrying disappearance’: 18-year-old French national missing in Iran; 20 Europeans under detention in country – Times of India

    An 18-year-old Frenchman, who also holds German citizenship, has gone missing...