“The negotiations on services and investment which the EU entered into today are an important step in realising more effectively the economic potential of the Mediterranean area”, Martin Bartenstein, Minister for Economic Affairs and Labour, stated today following the 5th Euro-Mediterranean Conference of Trade Ministers (EUROMED) in Marrakech, which he jointly chaired with EU Commissioner Peter Mandelson and the Moroccan Trade Minister, Mr Mustapha Mechaouri. The conference was attended by the Trade Ministers of the 25 EU Member States, the two EU acceding countries, Bulgaria and Romania, and the 10 Euro-Mediterranean partner countries, Egypt, Algeria, Israel, Jordan, Lebanon, Morocco, Palestine, Syria, Tunisia and Turkey, the so-called EUROMED countries.
The main themes of the conference were the formal launch of negotiations on the liberalisation of services and on simpler framework conditions for promoting direct investment in the participating countries. The programme also included the further liberalisation of trade in agricultural produce, processed agricultural products and fishery products. In addition, the Trade Ministers came to an agreement on the approximation of laws between the EU and the EUROMED countries. This should simplify non-tariff related conditions for trade such as, for example, defined quality standards, technical requirements and the issuing of certificates of conformity. The conference also considered more efficient mechanisms for future dispute settlements.
With a foreign trade share exceeding 50%, the EU is by far the most important trading partner of the Euro-Mediterranean partner countries. In 2004, the EUROMED countries imported goods to the value of €90 billion (mainly machinery, processed goods and chemical products) from the EU. Exports to the EU over the same period totalled €75 billion (primarily processed goods and oil). Last year, Austria imported goods to the value of €1.1 billion from the EUROMED countries, an increase of 3% compared to 2004. In 2005, the volume of Austrian exports amounted to €1.3 billion, up 11% from the previous year.
The concept of the Euro-Mediterranean partnership came about in 1995 in order to facilitate prosperity and security around the Mediterranean in a common trade area. Through the joint economic negotiations within the framework of the EU/EUROMED partnership, the EU also wishes to achieve better integration between the partner countries. The aim is to establish a free trade area by 2010. This should raise levels of prosperity in the EUROMED area and strengthen trade between Mediterranean countries, which currently accounts for just 5% of foreign trade as a whole.
Contact:
Federal Ministry of Economics and Labour
Office of the Minister: Holger Fürst, Tel.: (01) 711 00-5193
Press section: Harald Hoyer, Tel.: (01) 711 00-5130
mailto: presseabteilung@bmwa.gv.at
Internet: http://www.bmwa.gv.at
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