In the last meeting of the European Council for this year, European leaders discussed many important themes including energy, the economic situation of the European Union and transatlantic relations.
In the discussion on energy, the European leaders tasked the energy ministers to build on the progress achieved so far and conclude the agreement on the market correction mechanism (price correction mechanism). This mechanism should protect the European Union from increases in gas prices with the aim of safeguarding consumers.
Prime Minister Robert Abela pointed out that these positive initiatives are a certificate for the policy that the Maltese Government has implemented, which against the background of the increases in energy prices, is protect families and businesses; measures as a result of which the Maltese economy also continued to grow and inflation remained under control.
After President Biden announced the adoption of the IRA (Inflation Reduction Act), the European Council also discussed transatlantic relations and the economic situation in the European Union. The leaders agreed that the United States will remain a key partner for the European Union, however, the protection of European industry remains crucial for the competitiveness of the EU, our strategic autonomy and even to have more economic growth.
On this point in the agenda, Prime Minister Robert Abela pointed out that as we have done at a local level, the European Union is also recognizing that the industry needs incentives and aids for the economy to continue to grow and be competitive. This is particularly with more flexibility in the regulations linked to state-financed aid which will lead to us continuing to assist the industry as necessary. This is how the Maltese Government has done when it comes to grains and cereals, the renewable energy sector, assistance to the Malta International Airport, the wage supplement and how it is also being done in other sectors.
The discussion on the war in Ukraine, security and defense continued with an exchange with the President of Ukraine Volodymyr Zelensky, after a discussion on the ninth package of sanctions. Increased assistance under the European Peace Facility and bilateral support were proposed in light of the latest developments in Ukraine.
The European leaders discussed the situation in the Southern Neighborhood. Prime Minister Abela pointed out that this is a region that presents opportunities that have not yet been exploited including when it comes to trade, the digital transition, education, aquaculture and agriculture. Therefore, collaboration with this region and with southern partners needs to be increased to address common challenges such as climate change.
Against this background, Malta welcomed the call for a meeting, next year, with the southern partners. During the day of Wednesday the Prime Minister attended a summit with the leaders of Southeast Asia (ASEAN). In this summit, the Prime Minister claimed that while transatlantic relations and China are important, we must invest with other strategic partners. Therefore, countries like those of ASEAN and others beyond, including in the African continent, will be crucial for us to be strategically autonomous, for the sake of competitiveness and economic growth. There are areas, such as digital, innovation, connectivity and others that we can make strategic alliances with these countries. In this regard, Dr. Abela stressed that trade remains very important and Malta will remain open and committed to working in favor of agreements in this area.
Photos (OPM)
