LITHUANIA CALLS ON THE EU TO GRANT TARIFF PREFERENCES TO COUNTRIES MOST IN NEED
On 16 March at the EU trade ministers meeting in Brussels, Lithuanian Vice-Minister of Foreign Affairs Egidijus Meilūnas called on the EU to grant tariff preferences only to economically weakest countries rather than to growing competitive economies.
“First of all, the European Union Generalised System of Preferences (GSP) aims to aid less developed countries. Therefore, this instrument must help the least competitive countries,” Meilūnas said.The Foreign Affairs (Trade) Council meeting discussed the adoption of the new GSP system, which is to enter into force by 2014. The reform of the GSP enables to sharpen the focus on countries most in need.
Since 1971, the system has aimed to help developing countries reduce poverty and promote good governance. However, many such economies are growing fast and their products on the EU market are increasing competitive pressure on the EU industry and on the products of weaker economies.
Lithuania calls on the EU to seek to mutually ensure access to markets of competitive countries and to conclude free trade agreements (FTA).
The Foreign Affairs (Trade) Council meeting also discussed how bilateral investment agreements signed by individual EU member states would be adopted or modified, if such agreement were to be concluded for the entire EU.
Lithuania seeks to have this new regulation adopted as soon as possible, because legal certainty is necessary for the implementation of the EU policy on investment. Moreover, Lithuania calls on the EU to take into account interests of investors and to protect their legitimate expectations.
The EU Trade Ministers also discussed the possibility to complete FTA talks with India and Singapore already this year and trade cooperation with Japan and the U.S.
Social media
