Issue link: https://maltatoday.uberflip.com/i/1285850
maltatoday | SUNDAY • 6 SEPTEMBER 2020 12 COMMERCIAL Maltese business discusses a renewed trade policy for a stronger Europe THE Malta Business Bureau and the European Commission Representation in Malta organ- ized a webinar on the current open consultation by the Euro- pean Commission on a renewed trade policy for a stronger Eu- rope. Daniel Debono, EU Affairs Manager of the Malta Busi- ness Bureau, who also moder- ated the event, outlined sever- al issues that have increased the volatility in international trade in the last years. He al- so explained the relevance of EU trade policy for Malta and Maltese businesses, in view of our small open economy, which makes Malta dependent almost entirely on trade for both imports and exports. He also emphasized how Malta requires a strong EU to obtain the best conditions for Mal- tese businesses when negoti- ating trade agreements with third countries. Malta benefits strongly from the EU's strong leverage of negotiating on be- half of a market of 500 million people. The main speaker, Peter Sandler, Director at the Euro- pean Commission's DG Trade, stated that "the ongoing Trade Policy Review will update our policy priorities and approach. Today, people and business- es across the EU face the im- pact of COVID-19, growing protectionism from some countries and the big chal- lenges of climate change and the digital transition. Small, outward looking economies like Malta know better than most the importance of keep- ing trade flowing and markets open. This review will deliver the policies to ensure that this happens, and that it does so in a sustainable way." The event was also addressed by David Sammut, Director of the International Econom- ic Policy Department at the Ministry of Finance, who as- certained that international trade and foreign direct in- vestment is a key to Malta's economic success. "Today's global nature of production and consumption of goods ne- cessitates an EU Trade Policy framework that secures free trade and safeguards our in- terests. In so doing, we have to observe the dynamic nature of globalisation, including eco- nomic, environmental, social and geopolitical aspects in our relations with third countries. Given the relevance of this topic for the Maltese society and its economy, a wide par- ticipation in this process is encouraged to make Malta's views heard and to give direc- tion in the decision-making process at the EU level," he said. Finally, it was Trade Malta's CEO, Anton Buttigieg, who from a more practical experi- ence working with local com- panies looking to internation- alise, commented, "Businesses are going through one of the most challenging periods ev- er. Prior to the pandemic, the global trading system as we know it, was already going through serious fundamental changes. COVID-19 brought about an unprecedented level of uncertainty for businesses and further exacerbated the shifts within the global trade regime. These are devastating shocks for small and micro enterpris- es, which are the backbone of the Maltese economy. A re- newed EU trade policy regime must promote a level play- ing field that ensures fair and open trade opportunities for our entrepreneurs." The discussion covered var- ious current topics in inter- national trade, including the impact of US-China trade tensions on European busi- ness; the growing importance of Africa for trading with the EU but also as a part-solution to migration pressures; the in- creasing role of e-commerce and digital trade; as well as the need to implement EU free trade agreements nationally more effectively. The webinar event was sup- ported by the Enterprise Eu- rope Network. The discussion covered various current topics in international trade, including the impact of US-China trade tensions on European business; the growing importance of Africa for trading with the EU but also as a part-solution to migration pressures; the increasing role of e-commerce and digital trade; as well as the need to implement EU free trade agreements nationally more effectively