This Monday the EU Council gave its approval to the project to modernize the trade pact between the two parties, as well as to the Advanced Framework Agreement, while indicating that it will ask the European Parliament for its consent for the two commitments to formally come into force next year.

On behalf of the Community Executive, Vice President Nadia Calviño considered the trade agreement will contribute to improve the strategic autonomy of the EU, by reinforcing the security of supplies and export opportunities for companies of both parties.

According to the proposals, they must reduce barriers to the bilateral exchange of goods and services and increase European access to critical raw materials and clean fuels for the so-called energy transition.

The Advanced Framework Agreement contains clauses of a political and cooperation nature, as well as commitments on trade matters, which will require ratification by member states of the bloc.

Once the decisions for signature have been adopted by the Council, the initialing of both agreements, the Trade Agreement and the Advanced Framework Agreement, is scheduled to take place on December 14 in Brussels.

ef/oda/mjm