**Damianos Hails Transatlantic Partnership as EU Approves New US Trade Rules**
Commerce Minister Michael Damianos expressed strong support for the transatlantic partnership between the European Union (EU) and the United States following the EU Council's approval of two significant pieces of legislation aimed at facilitating trade across the Atlantic. The new regulations are designed to enhance trade relations while ensuring the protection of European interests.
In his remarks, Damianos emphasized the importance of a "strong and open" partnership with the US, which he described as a "historic ally." He noted that while the EU is committed to fostering openness in trade, it is equally essential to safeguard the interests of European businesses and workers. "These measures achieve both, supporting stable and predictable trade flows with the US while ensuring the EU can respond swiftly and proportionately when the deal is not respected or its interests are at stake," he stated.
The first regulation approved by the EU Council eliminates tariffs on all US industrial goods entering the European single market. Additionally, it offers preferential market access for a variety of seafood and agricultural products until the end of 2029. However, the regulation also includes a provision that allows the European Commission to suspend these tariff preferences if the US maintains a tariff rate exceeding 15 percent on EU steel and aluminum derivatives. The Commission is required to report on this matter to the European Parliament and the Council by December 1.
The second regulation extends the EU's zero tariffs on US lobster, which now includes processed lobster, until July 31, 2030. This extension is part of the EU's broader strategy to strengthen trade ties with the US while ensuring that European interests are not compromised.
Both pieces of legislation had previously passed through the European Parliament, where they garnered support from four of Cyprus' six Members of the European Parliament (MEPs). Loukas Fourlas and Michalis Hadjipantela from the Democratic Rally (Disy), Geadis Geadi from the National Popular Front (Elam), and Costas Mavrides from the Movement for Social Democracy (Diko) voted in favor of the bills. Independent MEP Fidias Panayiotou opposed the measures, while Giorgos Georgiou from the left-wing party Akel was absent during the vote.
The regulations are rooted in a joint statement made by the EU and the US last August, following an agreement reached during a meeting between European Commission President Ursula von der Leyen and former US President Donald Trump in Turnberry, Scotland.
Bernd Lange, the chairman of the European Parliament's International Trade Committee, remarked that the new regulations form part of the EU's "defensive toolbox." He highlighted that they not only strengthen and stabilize EU-US trade relations but also empower the EU to respond effectively should the US fail to uphold its commitments. Lange asserted that the final text of the regulation contains a robust safety net, reflecting the Parliament's firm stance on the matter.
Looking ahead, Lange indicated that the Parliament would closely monitor the implementation of the agreement. He warned that if the US breaches the terms of the Turnberry agreement, the Parliament would insist that the Commission utilize all available instruments provided by the regulation to address any violations.
As the EU and the US move forward with these new trade rules, the focus will remain on ensuring a balanced approach that fosters economic cooperation while protecting the interests of European stakeholders. The approval of these regulations signals the EU's commitment to maintaining a strong and open transatlantic partnership, while also preparing to address any challenges that may arise in the evolving trade landscape.