site.btaDeputy Economy Minister Pavlov Attends EU Foreign Affairs Council Meeting on Trade Relations with US, China

Bulgarian Deputy Minister of Economy and Industry Nikolay Pavlov took part in an extraordinary meeting of the Foreign Affairs Council (Trade), held in Luxembourg, the Ministry of Economy and Industry said in a press release on Tuesday. The ministers discussed trade relations between the EU and the United States, and between the EU and China.

During the first session, Pavlov emphasized that the US is not only the European Union’s main trading partner, but also a key strategic and geopolitical ally. In light of this, efforts should first and foremost focus on maintaining mutual dialogue and taking a proactive and constructive approach in the upcoming negotiations. At the same time, the EU must be ready to respond proportionately if negotiations fail to deliver the desired outcome for the Union.

According to Pavlov, any potential retaliatory measures should first be carefully assessed in terms of their impact on European industries before decisions are made regarding their scope. Attention should also be given to the risk of trade flows being redirected toward the EU from third countries. "Swift action is required to prevent business relocation and ensure that our companies remain active in the internal market. For this, it is essential to enhance the attractiveness of the [European] single market by simplifying regulatory regimes and reducing administrative burdens," he added.

Pavlov said that a comprehensive plan to support businesses must be developed in case of further escalation on the issue. He stressed the importance of unity and solidarity among EU Member States in their approach toward the US.

During the second session of the forum, trade relations between the EU and China were discussed. Pavlov emphasized the importance of engaging in a constructive dialogue with China, a key trading partner for the EU, with the aim of balancing trade relations, ensuring a level playing field, and promoting fair competition. The Deputy Economy Minister also noted that trade diversification must remain a core priority for the EU.