European Commission Executive Vice-President Valdis Dombrovskis was named its new trade commissioner on Tuesday, replacing Phil Hogan of Ireland, who resigned late last month.

Meanwhile, Mairead McGuinness, one of the two candidates submitted by the Irish government to replace Hogan, has been named as commissioner in charge of financial services and financial stability, a role previously taken by Dombrovskis.

European Commission President Ursula von der Leyen made the announcement on Tuesday morning.

Dombrovskis had been acting trade commissioner since Hogan's resignation.

Von der Leyen said she interviewed both Irish candidates, McGuinness, who is now vice-president of the European Parliament, and Andrew McDowell, now vice-president of the European Investment Bank.

"Following these interviews, I have decided to propose to the Council and the European Parliament the appointment of Mrs McGuinness to the post of commissioner. She will be in charge of financial services, financial stability and capital market union," said von der Leyen.

"Executive Vice-President Valdis Dombrovskis will assume responsibility for the trade portfolio and he will remain the commission's representative on the Eurogroup alongside Commissioner (Paolo) Gentiloni," she said.

Von der Leyen praised McGuinness for having "significant political experience on EU issues, having been an MEP since 2004 and currently holding the post of first vice-president of the European Parliament".

"This experience is crucial in carrying forward the EU's financial sector policy agenda and ensuring its supports and strengthens the commission's key priorities, notably the twin green and digital transition," she said.

Trade commissioner is regarded as a critical job at the moment, since the European Union is negotiating trade deals with the United Kingdom, the United States and China.

Dombrovskis was involved in the negotiations of the EU-China Comprehensive Agreement on Investment, which both sides hope to conclude by the end of the year.

He has spoken to China's Vice-Premier Liu He several times, including at the 8th High-Level Trade and Economic Dialogue on July 28.

"The current crisis gives us no other option but to work hand in hand with our global partners, including China," he said in a news release after the meeting.