EU trade ministers to discuss economic security and EU–India trade relations

Minister for Foreign Trade and Development Ville Tavio will attend an informal meeting of EU trade ministers in Valencia, Spain, on 19–20 October. The ministers will discuss economic security and trade relations between the EU and India. The ministers will also discuss the EU’s ongoing bilateral trade negotiations.

The meeting will focus on economic security from the perspective of trade and investments. The discussion will be based on the Joint Communication on a European Economic Security Strategy published by the Commission in June.

Finland considers it important that the EU’s economic security strategy take into account great power rivalry, geopolitical confrontation and the changed operating environment. The goal must be a globally strong and capable EU.

“The EU’s economic security cannot be based on restricting trade. We must instead focus on developing our strengths and improving our strategic competitiveness,” said Minister for Foreign Trade and Development Ville Tavio.

According to Minister Tavio, risk management plays a key role. The measures selected must be proportionate and based on knowledge and an analysis of the risks. The measures must not lead to the EU turning inwards or closing itself off from the rest of the world.

In the summer of 2022, the EU and India resumed negotiations on a free trade agreement after a nearly decade-long break. At the same time, negotiations were launched on a separate investment protection agreement and an agreement on the protection of geographical indications. The aim is to conclude negotiations by the end of 2023.

Finland supports continuing and swiftly concluding the trade agreement negotiations between the EU and India.

“India is an important partner for Finland. The trade agreement would be of great economic importance to Finland. It would help diversify supply chains and further open up markets for our exports. India also has significant geopolitical weight,” Tavio said.

The trade ministers will discuss the ongoing bilateral trade negotiations and progress on already negotiated agreements over lunch. It is particularly important for Finland that the EU is able to conclude new trade agreements and that agreements that have already been negotiated are implemented as quickly as possible so that Finnish companies can benefit from them.