PES 2024 - DAY 1 - EUROPEAN CHAT: The Future of Global Trade – SPEECHES
Summary
TLDRThe Prague European Summit's economic block commenced with a call for attendees to return borrowed translation devices. Valdis Dombrovskis, Executive Vice President of the European Commission, delivered a special video message addressing the EU's challenges and future policy directions. He emphasized the importance of trade for the EU's competitiveness and economic security, highlighting the need for diversification and global partnerships to counter supply chain vulnerabilities. He also stressed the EU's role in reforming the WTO and securing access to critical raw materials, while protecting against economic risks through updated trade instruments.
Takeaways
- 📅 The event is starting shortly, with a reminder for attendees to take their seats.
- 📢 An announcement is made to return borrowed translation devices, emphasizing their value.
- 🎥 The event will proceed with a screening of a famous Milos Forman movie, requiring the lights to be turned off.
- 🏛 The event is part of the Prague European Summit, focusing on economic discussions following recent elections and before the EU's strategic agenda is approved.
- 🔑 The term 'competitiveness' is highlighted as a new buzzword within the EU institutions.
- 🌐 The script discusses the importance of trade for Europe's prosperity, with 90% of global economic growth expected to occur outside the EU.
- 🤝 Trade agreements are crucial for securing access to critical raw materials and creating export opportunities for EU businesses.
- 🌍 The EU has the world's largest network of trade agreements, with 74 countries, contributing to over 2 trillion EUR in trade value in 2022.
- 🛡 The EU is leading efforts to reform the World Trade Organization to better address contemporary challenges like digital trade and climate change.
- 🔄 The need for diversification in trade partners is emphasized to improve resilience against supply chain risks.
- 🛂 New trade instruments have been introduced by the EU to protect against economic security risks and ensure fair competition, such as the anti-coercion instrument and foreign subsidies regulation.
- 🔍 The EU is investigating imports of Chinese battery electric vehicles, showing a commitment to maintaining economic security and a level playing field.
Q & A
What is the main topic of discussion at the Prague European Summit's economic block?
-The main topic of discussion is the competitiveness and economic security of the European Union, especially in the context of recent geopolitical changes and crises.
Why is the European Commission emphasizing the importance of trade for the EU's economy?
-Trade is emphasized because it allows the EU to tap into the growth potential of other regions, access vital inputs for green and digital transitions, and create export opportunities for businesses to compete globally.
What is the significance of the EU's network of trade agreements in terms of economic growth?
-The EU's network of trade agreements with 74 countries has contributed to EU trade exceeding 2 trillion EUR in value for the first time in 2022, highlighting the importance of these agreements for economic growth.
How does the EU plan to address the challenges faced by the World Trade Organization (WTO)?
-The EU aims to reform the WTO to make it fit for purpose in today's world, better addressing challenges such as digital trade, climate change, and dealing with unfair subsidies.
What measures is the EU taking to improve its economic security and resilience?
-The EU is diversifying its trade network, creating alternative forms of engagement, and updating autonomous trade instruments such as anti-coercion instruments, foreign subsidies regulations, and FDI screening regulations to protect against economic risks.
How does the EU's trade agreement with Chile impact the sourcing of critical raw materials?
-The trade agreement with Chile strengthens the EU's reliable sourcing of copper, as Chile is the EU's largest source of this key material, enhancing economic security and resilience.
What role does the EU's trade engagement play in upholding competitiveness and economic security?
-EU's trade engagement is essential for maintaining an open economic model, securing access to energy and critical raw materials, and ensuring a level playing field against unfair competition and economic security risks.
What is the EU's stance on the use of its autonomous trade instruments to protect its single market?
-The EU is committed to using its autonomous trade instruments when necessary to protect the single market from unfair competition and risks to economic security, while respecting the principles of proportionality and precision.
How does the EU plan to engage with its trading partners to enhance competitiveness and economic security?
-The EU plans to actively engage by negotiating with a wide range of trading partners, staying flexible, and making use of various forms of agreements and platforms to ensure fair competition and economic security.
What is the significance of the EU's investigation into imports of Chinese battery electrical vehicles?
-The investigation signifies the EU's commitment to ensuring fair competition and addressing potential economic security concerns, while adhering to international legal obligations.
How does the EU's approach to global trade contribute to its long-term economic strategy?
-The EU's approach to global trade, which includes active engagement and the use of autonomous instruments, is essential for contributing to the EU's competitiveness and economic security, forming a balanced long-term economic strategy.
Outlines
📣 Opening Announcement and Economic Discussion
The script begins with an announcement for attendees to take their seats as the event is about to start. There's a reminder to return borrowed translation devices due to their high cost. The main event, the Prague European Summit, is introduced with a focus on competitiveness in the post-election context and before the EU's strategic agenda approval. The Executive Vice President of the European Commission, Valdis Dombrovskis, addresses the audience virtually, discussing the EU's challenges, including crises and geopolitical changes. He emphasizes the need for economic resilience through supply diversification and maintaining global partnerships, highlighting the EU's vulnerability to supply chain dependencies, particularly in energy.
🌐 Trade and Economic Security Strategies
This paragraph delves into the role of trade in enhancing the EU's competitiveness and economic security. It mentions the importance of trade for prosperity, access to growth potential in other regions, and securing vital inputs for green and digital transitions. The EU's trade agreements are highlighted, with 74 countries covered, contributing to over 2 trillion EUR in trade value in 2022. The paragraph also discusses the EU's efforts to reform the World Trade Organization (WTO) and the need for global rule adherence. Economic security is addressed through diversification, with alternative forms of engagement like trade and technology councils, and digital trade agreements. The paragraph concludes with the mention of new EU instruments to protect against economic risks and ensure fair competition.
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Mindmap
Keywords
💡Economic Block
💡Competitiveness
💡Strategic Agenda
💡Resilience
💡Trade Agreements
💡World Trade Organization (WTO)
💡Economic Security
💡Supply Chain
💡Autonomous Trade Instruments
💡Sustainability Standards
💡Critical Raw Materials
Highlights
The importance of returning borrowed translation devices due to their high cost.
The announcement of the beginning of the economic block of the Prague European Summit.
The acknowledgment of competitiveness as a new buzzword in the EU institutions.
The mention of the EU's significant share of prosperity from trade and its role in tapping into global growth potential.
The emphasis on the need for the EU to diversify its IT supplies and expand its global network of partnerships for resilience.
The discussion on how trade can contribute to the EU's competitiveness and economic security.
The EU's leading role in reforming the World Trade Organization to address modern challenges.
The EU's largest network of trade agreements with 74 countries, contributing to over 2 trillion EUR in trade value in 2022.
The strategy to make the WTO fit for purpose by addressing issues like digital trade, climate change, and unfair subsidies.
The focus on diversification to mitigate supply chain risks, especially in the context of energy and critical raw materials.
The creation of alternative forms of engagement such as trade and technology councils and mutual recognition agreements.
The EU's import of 23% of critical raw materials from preferential trading partners and efforts to secure reliable sourcing.
The role of the EU's trade agreements in strengthening the sourcing of key materials like copper from Chile.
The launch of the Mineral Security Partnership Forum with the United States to enhance diversified partnerships.
The update and expansion of the EU's autonomous trade instruments to protect against economic security risks and unfair competition.
The investigation into imports of Chinese battery electric vehicles and the EU's commitment to fair competition.
The conclusion that global trade engagement will be essential for the EU's competitiveness and economic security, requiring a balanced approach.
Transcripts
ladies and gentlemen we will begin in a
short while please take your
seats one quick announcement ladies and
gentlemen we will begin in a short while
please take your seats we will begin
momentarily before we do so I would like
to make again one quick announcement
please if you have borrowed those little
stations devices for translation please
return them we have to return them they
are really expensive the next step is
copying famous Milos Forman movie and we
will have to shut down the lights so
please do not make us to do so and
return them there in in the entrance to
this
Hall ladies and gentlemen welcome back
to the main hall and welcome to the
economic block of this program of this
year's pra European Summit we have a
very packed schedule ahead of us and I
think it will be very uh timely
discussion right after the elections and
shortly before next eu's strategic
agenda will going to be approved uh
competitiveness is the new buzzword in
the institutions and also here in the
corridors and we will address it from
very different angles but first before
we start let us hear from the Executive
Vice President of the European
commission for an economy that works for
people valdis D brosis who unfortunately
can't be with us today but uh who has
sent us a special video
message ladies and gentlemen thank you
for inviting me to speak at this year's
Prague European Summit albe it
virtually as this EU institutional cycle
nears its close now it is a good time to
look at the main challenges facing the
European Union and reflect on what the
future may bring in terms of policy
direction we have been confronted with a
remarkable Cascade of Crisis and shocks
over the past years compounded by
profound geopolitical
changes on the heels of the covid-19
pandemic came Russia's illegal war of
aggression against Ukraine conflict in
the Middle East intensifying competition
between big players and greater recourse
to
unilateralism these shocks have exposed
some of our economic weaknesses and our
vulnerability to supply chain over
dependence
energy is a good example following
Russia's attempts to weaponize its oil
and gas exports to the
EU but we have drawn as
lessons we know that to improve our
resilience the EU must continuously
diversify IT supplies and it must
maintain and expand its Global Network
of reliable
Partnerships our economic challenges
have also brought into Focus the need to
do more to uphold our competitiveness
and economic
security so today I will focus on how
trade can contribute to these
goals first
competitiveness as a trading continent
Europe deres a significant share of its
Prosperity from trade trade allows the
you to tap into growth potential of
other
regions in the coming years some 90% of
global economic growth will be generated
outside the European Union so it makes
to strengthen our links with other
growth
centers trade gives us access to the
vital inputs that we need like critical
raw materials to move ahead with a green
and digital
transitions it creates the export
opportunities that allow our businesses
to reach the economies of scale to
compete
globally we want to keep our economic
model open we want to use our agreements
to tap into new markets secure inputs
but also to benefit our trade partners
and raise sustainability standards
globally when it comes to negotiating
trade deals the European Union is second
to none we have the world's largest
network of trade agreements with 74
countries thanks to these agreements EU
trade exceeded 2 trillion EUR in the
value in a first time in
2022 the EU is also leading efforts to
reform the World Trade organiz
ation if we are to fully unlock the
potential of trade we must encourage our
partners to play by the global rules of
the
game the WTO rules Remain the best
guardrails against economic
fragmentation around 55% of our trade
takes place under these
rules our aim is to make WTO fit for
purpose in today's world so that it
better addresses its challenges such as
digital trade climate change and dealing
with UNF
subsidies second Economic Security and
resilience here diversification is the
name of the game especially given the
supply chain risk that I mentioned
earlier we have continued to expand our
Trade Network of reliable
Partners uh besides classical trade
agreements we are creating Alternative
forms of Engagement that are more
flexible and tailor
made these include trade and Technology
councils with the US and India our
negotiations on digital trade agreements
with Singapore and South Korea and our
network of mutual recogition
agreements our trade deals help to
secure access to energy and critical raw
materials uh at the moment uh we import
23% of critical raw materials from
preferential trading
partners uh however our trade agreement
with Chile for example will strengthen
our reliable sourcing of copper since
Chile is the eu's largest source of this
key
material on a bilateral level we are
engaging with like-minded Partners in
strategic Partnerships on raw
materials on a multilateral level we are
engaging in the mineral security
partnership Forum that I launched with
the United States in
April uh Diversified Partnerships is a
key element of the European commission's
Economic Security
strategy along is actively engaging with
our partners we must also protect
ourselves against any potential abuse of
our economic
openness in fact this is a precondition
for maintaining our openness in the
first
place this is why we have recently
updated and expanded the eu's autonomous
trade
instruments uh for example new
instruments such as a anti-coercion
instrument foreign subsidies regulation
and the FDI screening regulation we also
updated the export control
regulation some of these instruments
address security risks others aim to
restore Fair competition and others
address sustainability concerns or
coercive
practices we have already started to use
these new
instruments this is because we do what
is necessary to protect and strengthen
our Economic Security and ensure a Level
Playing Field on this uh this week we
reached the first step in our
investigation into Imports of Chinese
battery electrical Vehicles we
predisclosure
we will always respect the principles of
proportionality and precision as well as
our International legal
obligations to
conclude I have little doubt that in
years ahead our global trade engagement
will play an essential role in
contributing to the eu's competitiveness
and Economic Security
this will require a balanced combination
of two approaches on one hand active
trade engagement by negotiating with our
wide range of trading partners staying
flexible and making use of various forms
of agreements and
platforms on the other hand using our
range of autonomous instruments were
necessary to protect the eu's single
Market from unfair competition and risks
to Economic Security thank you and I
wish you a successful conference
that was vales Dom brosis and now it is
time to open our first chat on the
future of global trade please give a
round of applause to our speakers Kung
BL senior expert for China and Asia Asia
Pacific battles
[Applause]
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