Kęstutis Budrys, the Lithuanian Minister of Foreign Affairs, will participate in an informal EU Trade Council meeting held in Cyprus that aims to address critical trade relations between the EU and China. The meeting will touch upon ongoing negotiations regarding mutually beneficial free trade agreements, as well as the expeditious implementation of EU contracts with India and countries in the MERCOSUR bloc. The current focus particularly highlights the supply assurance of key minerals vital for the survival of manufacturing in Europe and the development of high technologies.

A significant topic on the agenda will be discussions regarding EU-US negotiations about a deal on critical raw materials, alongside a collective response to restrictions imposed by China. Furthermore, the ministers are preparing for the 14th World Trade Organization (WTO) Ministerial Conference, scheduled to take place in Cameroon this March. The EU is looking to reform the WTO to enhance its operations and efficiency, especially in light of the shifting global trade dynamics.

Additionally, the council will address proposals concerning the application of additional customs tariffs on imports from Russia and Belarus, particularly targeted at commodities such as iron, steel, and inorganic chemicals. These discussions come amid rising geopolitical tensions, emphasizing the EU’s need to fortify its trade policies and security measures regarding essential supplies.