European Trade Commissioner Maros Sefcovic called for a “deep and credible reform agenda” of the World Trade Organization ahead of the upcoming ministerial conference (MC14) in Cameroon, as he arrived at the Informal Meeting of EU Trade Ministers (FAC) in Nicosia.
He said Ministers would focus on how “to launch deep and credible reform agenda for the WTO and use the MC14 in the best possible way,” arguing that the balance of “rights and obligations” agreed 30 years ago “don’t think… reflect today’s realities.” The EU’s approach, he said, rests on 3 pillars which are very important for the European Union. This is predictability, fairness, and flexibility.
While describing Europe as one of the most fervent, strongest supporters and champion of the WTO, he added that “it is also clear that we need to modernise the WTO organisation” to “restore the trust in multilateral systems.”
Beyond WTO reform, he said Ministers would hold in-depth discussions on China, citing “the structural imbalances which persist,” and review progress in ongoing trade negotiations. He urged member states to speed up ratification processes for free trade agreements, warning that lengthy delays are costly. “Especially in this volatile world this is something that we cannot afford anymore,” he said.
On the EU-India deal, he described negotiations as “one of the most complex and complicated,” noting that some imports had faced tariffs as high as 140%. “We believe that compromise we reach is the best for both sides. We are starting… opening a new chapter,” he said, highlighting a review clause to reassess terms as India’s economy — expected to grow between 7% and 8% annually — expands further.
Referring to Mercosur, he echoed Commission President Ursula von der Leyen, saying that “when our Mercosur partners will be ready with the ratification, we should be ready as well.” He estimated that since 2021, delays have cost the EU “almost €300 billion of our GDP and more than 280 billion of our export opportunities,” adding “these are the sums of money which I’m absolutely convinced we cannot lose.”
