Lithuania's Foreign Vice-Minister A. Zananavičius: It is only possible to reduce global trade tensions by curbing unfair competition
On 27 May, the Vice-Minister of Foreign Affairs of Lithuania Albinas Zananavičius attended the Foreign Affairs Council (Trade). A. Zananavičius emphasized that tensions in the multilateral trading system must be tackled by developing a rules-based multilateral trading system to ensure a competitive level playing field.
"The EU and the U.S. are facing the same challenges that arise from nonmarket economies. It is, therefore, necessary to strengthen the EU-U.S. cooperation in addressing these challenges," said Lithuania‘s Foreign Vice-Minister.
The Foreign Vice-Minister A. Zananavičius reminded ministers that bringing an end to gas dual pricing practices remained a priority for Lithuania.
Ministers drew significant attention to the Appellate Body of the World Trade Organization (WTO) crisis. If concrete changes to the selection process of the Appellate Body are not made, by December 2019 it will be down to one member and will cease functioning.
"It would paralyze the WTO dispute settlement system, which is intended to clarify the scope of rights and obligations, as a whole. Thus, all WTO members must agree to a common solution," said A. Zananavičius.
As regards the EU-U.S. trade relations, the Foreign Vice-Minister stressed the need to seek constructive solutions with the U.S.
"Lithuanian producers are actively involved in value chains in the automotive industry, so Lithuania has a strong economic interest in avoiding the possible application of the U.S. tariffs on European car imports," said A. Zananavičius.
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