EU sees big export rise if Asia trade pacts agreed
Khaleej Times
EU sees big export rise if Asia trade pacts agreed
23 April 2007
Reuters/Brussels — European Union exports would rise by 40 billion euros ($54.3 billion) a year if the bloc reaches planned new free trade agreements (FTAs) with countries in Asia, the European Commission said.
EU foreign ministers on Monday approved mandates for the Commission to negotiate the FTAs with India, South Korea and the Association of South East Asian Nations (ASEAN).
‘New [independent research released by the European Commission-7979] today suggests that the agreements could add more than 40 billion euros to EU exports annually and provide wide new trade opportunities for all sides,’ the EU executive said.
‘The three deals combined could increase total EU exports (1.3 trillion euros in 2005) by 3.23 percent,’ the Commission added in a statement. ‘They offer an increase of GDP of 0.13 percent for the EU.’
At the same time, ASEAN would see an 18.5 percent increase of its exports to the EU while those of South Korea and India to the 27-nation bloc would rise by 36 and by 18.7 percent respectively, it said.
EU trade chief Peter Mandelson has said bilateral and regional FTAs will help open up new markets for European companies as they will cover areas such as investment rules and non-tariff barriers not included in global trade talks.
