Brussels - Davos: Europe and the Arabs
The European Union seeks to diversify its trade markets and strengthen its global partnerships in a proactive move to confront US President Donald Trump's threats to impose 20% customs duties on European imports. According to the European news network in Brussels "Euronews"
European Commission President Ursula von der Leyen announced in Davos yesterday, Tuesday, the relaunch of the strategic partnership with India, where European commissioners are scheduled to visit the country in the spring. This announcement comes as part of a series of diplomatic moves that included updating the trade agreement with Mexico and resuming negotiations with Malaysia.
The European Commission achieved a historic achievement by signing the largest trade agreement with the Mercosur countries, namely Brazil, Argentina, Uruguay and Paraguay, which will create a market of about 800 million consumers and provide 4 billion euros annually for European companies.
The European Union also signed a comprehensive bilateral agreement with Switzerland worth 550 billion euros.
Trade between the EU and Mexico in goods was worth €82 billion in 2023, while trade in services was worth €22 billion in 2022.

The new agreement includes the elimination of tariffs of up to 100% on key European exports such as cheese, poultry, pork, pasta, apples, jam, chocolate and wine.

Bernd Lange, chairman of the European Parliament’s trade committee, warned that trade with the US would be difficult to replace in the short term, noting that around 20% of European exports go to the US market.

In 2023, the US was the EU’s largest export partner, with a trade surplus of $131.3 billion in 2022.