Euro-Med to set up 'genuine free trade area' by 2010
23 Nov '05
4 min read
The co-operation projects are financed by the EU's MEDA programme and by the European Investment Bank's Facility for Euro-Mediterranean Investment and Partnership (FEMIP). The MEDA programme is implemented by DG EuropAid.
In Amman, Jordan, representatives of economic and social councils from the Euro-Mediterranean region opened a summit on 20 November. Their aim is to promote the social consultative function of civil society and the social partners.
Issues:
The aim of the 10th anniversary summit of the Euro-Mediterranean Partnership - to be held on 27-28 November in Barcelona - is to review progress and to set co-operation and development guidelines for the next five years.
The summit will also approve a code of conduct for the participating states for the fight against terrorism.
Prior to the anniversary summit, the EU's foreign ministers have authorised the Commission to open talks with the Mediterranean partners on the liberalisation of services and investment in the region. The talks - which will draw on the Istanbul Framework Protocol adopted in July 2004 - are expected to open in early 2006. This preferential process is meant to be complementary to the ongoing WTO negotiations.
In the Mediterranean countries, services account for some 60% of GDP. At the same time, these countries account for only 3.5% of the EU's total services trade. For the moment, services exports from the Mediterranean are focussed heavily on tourism but the partners see vast untapped potentials in the financial services, telecommunication, energy, environmental services and transport sectors.
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