Safe maritime trade links between Europe and Asia are vital to future trade, prosperity and the global economy, EU officials said on Tuesday, at a ministerial gathering to discuss the bloc's strategy towards the Indo-Pacific region under the shadow of the crisis in Ukraine.
“Before it was spices and today it is microchips, but together the Indo-Pacific and EU represent 70 per cent of world trade and more than half the world’s economy, so it’s in our interest to work together,” EU High Representative for Foreign Affairs Josep Borrell said as he opened the summit in Paris.
“When a boat blocks the Suez Canal it costs €500 million a day, 40 per cent of our trade goes through the straights of the Indo-Pacific region … if these routes are blocked then our entire foreign trade is blocked,” he told assembled ministers and delegates from nearly 30 countries and organisations from the east coast of Africa to Japan and elsewhere.
"The geopolitical risks are enormous and the prosperity of your and our countries are [at sake].
French Foreign Minister Jean-Yves Le Drian, whose office organised the summit, pushed the role of the EU as a defender of a rules-based world order that protects free trade, interconnectedness, privacy and human rights and co-operation to tackle global threats from climate change to pandemics.
“The fight for the common good is a collective fight,” he said.
Despite trying to focus on Indo-Pacific affairs, the Ukraine crisis overshadowed the summit.
“Russian troops in Donbas I wouldn’t say is a full invasion, but they are on Ukrainian soil,” Mr Borrell said, as he arrived at the forum. He declined to comment until after a meeting of EU ministers later in the day on sanctions or any specific European response to Russia recognising breakaway Ukrainian republics and deploying forces overnight on Monday.
EU officials hinted, however, that initial response would likely be limited given divisions on how to move forward and the extent to which Moscow’s moves represent a transgression of red lines.
“Russia no longer has the power to dominate, so it disrupts,” said Mr Frans Timmermans, executive vice president of the European Commission.
He said that having lived through decades of peace and co-operation in Europe since the fall of the Berlin Wall, it was vital that a new Iron Curtain is not drawn across the continent.
Free movement of maritime trade is a central point of discussion on Tuesday and it is likely that China will feature high on the agenda despite not being invited to the meeting.
“In our region, the logic of power is becoming increasingly manifest,” Japanese Foreign Minister Yoshimasa Hayashi told delegates, highlighting the threat such as the North Korean ballistic missile tests.
“China has escalated unilateral attempts to change the status … of the South China Sea and Russia and China have taken steps that are concerning,” he said. Japan will invest in bolstering defence and US ties, he said.
French diplomatic sources told The National that the decision not to invite China was because the summit is aimed at a collective EU strategy with Indo-Pacific, not any one country and that the EU already has a well laid-out approach to Beijing.
“The EU view of China is as a systemic rival, an economic competitor and a partner for relations on a number of issues,” the source said. The extent to which China will be the focus of Tuesday’s summit will be up to the participants, they said.
“The EU way to behave is co-operation – the pandemic has shown that co-operation is the only way to build the world of tomorrow,” the source said. “But we’re not naive – major countries are showing assertiveness on the world stage co-operation is the solution.”
The US is also excluded from Tuesday’s meeting but the source said that the European approach will be taken in close co-operation with Washington and that they wanted to focus on the EU rather than take a global approach to relations with Asia.
Canada, however, is in attendance.
French-US ties were strained last year when Australia scrapped a deal to buy billions of dollars worth of advanced submarines from Paris in favour of a pact with Washington.
Australia’s Foreign Minister Marise Payne is attending Tuesday’s summit but the French diplomatic source said they did not envisage Mr Le Drian would meet her on the sidelines.
The summit, they insisted, is part of France’s presidency of the European Council and so came as part of that EU role rather than to raise national priorities.
Company%20Profile
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New schools in Dubai
Race card
6.30pm: Maiden (TB) Dh 82,500 (Dirt) 1.600m
7.05pm: Maiden (TB) Dh 82,500 (D) 2,000m
7.50pm: Handicap (TB) Dh 82,500 (D) 1,600m
8.15pm: The Garhoud Sprint Listed (TB) Dh 132,500 (D) 1,200m
8.50pm: The Entisar Listed (TB) Dh 132,500 (D) 2,000m
9.25pm: Conditions (TB) Dh 120,000 (D) 1,400m
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Hydrogen: Market potential
Hydrogen has an estimated $11 trillion market potential, according to Bank of America Securities and is expected to generate $2.5tn in direct revenues and $11tn of indirect infrastructure by 2050 as its production increases six-fold.
"We believe we are reaching the point of harnessing the element that comprises 90 per cent of the universe, effectively and economically,” the bank said in a recent report.
Falling costs of renewable energy and electrolysers used in green hydrogen production is one of the main catalysts for the increasingly bullish sentiment over the element.
The cost of electrolysers used in green hydrogen production has halved over the last five years and will fall to 60 to 90 per cent by the end of the decade, acceding to Haim Israel, equity strategist at Merrill Lynch. A global focus on decarbonisation and sustainability is also a big driver in its development.
MATCH STATS
Wolves 0
Aston Villa 1 (El Ghazi 90 4' pen)
Red cards: Joao Moutinho (Wolves); Douglas Luiz (Aston Villa)
Man of the match: Emi Martinez (Aston Villa)
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
SPECS
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Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
MATCH INFO
Uefa Champions League semi-finals, first leg
Liverpool v Roma
When: April 24, 10.45pm kick-off (UAE)
Where: Anfield, Liverpool
Live: BeIN Sports HD
Second leg: May 2, Stadio Olimpico, Rome
WIDE%20VIEW
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THE POPE'S ITINERARY
Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport
Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial
Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport
RESULTS
5pm: Watha Stallions Cup Handicap (PA) Dh 70,000 (Dirt) 2,000m
Winner: Dalil De Carrere, Bernardo Pinheiro (jockey), Mohamed Daggash (trainer)
5.30pm: Maiden (TB) Dh 70,000 (D) 2,000m
Winner: Miracle Maker, Xavier Ziani, Salem bin Ghadayer
6pm: Maiden (PA) Dh 70,000 (D) 1,600m
Winner: Pharitz Al Denari, Bernardo Pinheiro, Mahmood Hussain
6.30pm: Maiden (PA) Dh 70,000 (D) 1,600m
Winner: Oss, Jesus Rosales, Abdallah Al Hammadi
7pm: Handicap (PA) Dh 70,000 (D) 1,400m
Winner: ES Nahawand, Fernando Jara, Mohamed Daggash
7.30pm: Maiden (PA) Dh 70,000 (D) 1,000m
Winner: AF Almajhaz, Abdul Aziz Al Balushi, Khalifa Al Neyadi
8pm: Maiden (PA) Dh 70,000 (D) 1,000m
Winner: AF Lewaa, Bernardo Pinheiro, Qaiss Aboud.