The European Union intends to adapt its trade policy to the rapidly changing geopolitical landscape due to Russia’s war against Ukraine.
Source: EU Executive Vice-President Valdis Dombrovskis
The EU plans to increase its focus on relations with America but does not rule out the importance of cooperation with China. Dombrovskis called Russia’s aggression against Ukraine the main factor in restructuring the Union’s trade policy.
The Vice President of the European Commission noted that the European Union continues to provide the necessary support to Ukraine, making every effort to further isolate Russia. According to Dombrovskis, the situation in Ukraine has given impetus to focus on transatlantic relations.
“We will also be looking at building more resilient supply chains for semiconductors. The same goes for critical raw materials, where we are exploring a so-called concept of “friend-shoring”.”
He added that the decision to suspend import duties on all Ukrainian exports for one year was published today, and would enter into force tomorrow.
