Brussels, Belgium. The Council of the EU on Thursday approved two pieces of legislation aimed at easing trade with the United States, a move Commerce Minister Michael Damianos said reflects a “strong and open” transatlantic partnership while protecting European interests.
Damianos said the measures support stable and predictable trade flows with the US and ensure the EU can respond swiftly and proportionately if the agreement is not respected or its interests are at stake.
Damianos outlines EU position
Damianos said the EU remains committed to a strong and open transatlantic partnership with its historic ally, but added that openness must go hand in hand with safeguarding its interests.
He said that by approving the two pieces of legislation, the EU is sending a signal that Europe is open to the world while also protecting its businesses and workers.
First regulation covers industrial, seafood and agricultural goods
The first regulation removes tariffs on all US industrial goods entering the European single market and provides preferential market access for a range of seafood and agricultural goods until the end of 2029.
The regulation also gives the European Commission the power to suspend those tariff preferences at the end of this year if the US continues to apply a tariff rate higher than 15 per cent on EU steel and aluminium derivatives.
The commission is required to issue a report on the matter to the European Parliament and the Council of the EU by December 1.
Second regulation extends lobster tariff exemption
The second regulation extends the EU’s zero tariffs on lobster from the United States and broadens that tariff-free access to include processed lobster until July 31, 2030.
European Parliament voting record
Both pieces of legislation were approved by the European Parliament last week.
Among Cyprus’ six MEPs, Loukas Fourlas and Michalis Hadjipantela of Disy, Geadis Geadi of Elam, and Costas Mavrides of Diko voted in favour of both bills. Independent Fidias Panayiotou voted against them, while Akel’s Giorgos Georgiou was absent.
Background to the agreement
The regulations are based on a joint statement issued by the EU and the US last August after an agreement reached at a meeting between European Commission President Ursula von der Leyen and US President Donald Trump in Turnberry, Scotland, a month earlier.
Following the European Parliament’s votes, Bernd Lange, chairman of the parliament’s international trade committee, said the regulation had “become part of the EU’s defensive toolbox”.