Trade, EU restarts approval process for agreement with US and accelerates with Australia
The Europarliament has thawed the approval path for two implementing regulations even though it has not yet scheduled a vote. To push negotiations with Canberra, a leading producer of strategic raw materials for the European hi-tech industry, Commissioner Sefcovic will see his Australian counterpart next week
from our correspondent Beda Romano
BRUSSELS - After a couple of weeks of back-and-forth, the European Parliament has decided to restart, at least formally, the approval process for two regulations that are to be used to implement the economic agreement signed in the summer between the United States and the European Union. The announcement came at a time when the European Commission is aiming to finalise another trade agreement as quickly as possible, this time with Australia, a country rich among other things in mineral raw materials.
The American choice to suspend the threat of tariffs against some European countries, guilty of having sent troops to Greenland to oppose the United States' aims on the Danish island, had provoked opposite choices in January. While the Council had decided to freeze any retaliation, the Parliament had chosen a more combative position, confirming the suspension of the approval process of two regulations implementing the economic agreement signed in the summer.
In a meeting today, the trade committee of the European Parliament finally opted to restart the legislative process. That said, the attitude remains cautious, due to lingering socialist discontent. For the time being, MEPs preferred not to calendar the vote in committee that should allow the go-ahead for a vote in plenary on the negotiating position to be taken later in the negotiations with the Council.
While waiting for news on this front, the EU's desire to diversify its trade relations is confirmed in the face of an American partner with increasingly unpredictable, if not aggressive positions. After having signed a treaty with the Mercosur and finalised a draft agreement with theIndia, it is now the turn of Australia, a country with which the EU has been negotiating a trade agreement since 2018.
Negotiations with Australia underway
When asked, European Commission spokesperson Arianna Podestà explained: 'Negotiations between the European Union and Australia are ongoing and Commissioner Maroš Šefčovič will meet his Australian counterpart in Brussels next week. The EU is committed to strengthening relations with Australia, a strategic and close partner. As always, progress in the delicate phase of the negotiations will depend on substance." Negotiations have been ongoing since 2018, but stalled in 2023.
