Minister of Finance Makis Keravnos said Wednesday that the government and the Ministry of Finance believe that a structured dialogue between the EU and the US should be put forward, in order to reach a mutually beneficial outcome.

Asked about the Ministry’s stance on the issue of tariffs, the Minister said that “we monitor the issue of tariffs daily. Statements are made daily by the US President, which concern the world, because they affect global trade. There is a lot of movement on this issue,” he said.

Keravnos, who was speaking after the meeting of the Council of Ministers, noted that since only 1% of Cyprus’ exports concern the US market, the country will not be directly affected.

“However, we are concerned about whether and to what extent the European economy will be affected, because as a member state we will be affected in the key sectors of our economy, which are tourism and services,” he said.

He added that the Ministry and the government “monitor and study and intervene in any process that exists in the EU where these issues are discussed.”

Keravnos said that he presented the view of the Ministry of Finance and the government, last week to the Council of Finance Ministers, adding that the majority of countries agree with it. He explained that the view is that a structured dialogue with the US should be put forward, in order to reach an outcome that is mutually beneficial.

Otherwise, he noted, there will be a disorganistion of international trade rules, which will be harmful to all economies.