The EU is continuing to work successfully on trade deals and free trade agreements (FTAs) with global markets and it’s worth keeping abreast of for UK PLC.

In view of upcoming opportunities in the ASEAN area, it’s business as usual for U.K. PLC for next 2 years at least.

So if companies want to take advantage of any FTA,S they will they will need AE…

The following information is taken in summary from the THE FIFTEENTH AEM-EU TRADE COMMISSIONER CONSULTATIONS 10 March 2017, Manila, the Philippines JOINT MEDIA STATEMENT:

EU continues to pursue FTAs in Asia Pacific The European Union has continued to move forward with free trade talks with many countries in the Asia Pacific Region.

EU – ASEAN revive plans for FTA

At the 15th ASEAN Economic Ministers (AEM) and EU trade commissioner meeting in Philippines, the EU and ASEAN have agreed to revive plans for an FTA and resume previously stalled FTA talks. EU and senior ASEAN officials have established a framework to restart talks. However, there is no definite timeline as yet.

To enhance EU – ASEAN relations, ministers also endorsed the AEM – EU trade and investment work program for 2017 – 2018, which provides assistance for ASEAN’s regional integration processes including cooperation and capacity-building in areas such as e-commerce, trade facilitation and innovation. Discussions for the region to-region FTA is expected to commence by 2018.

 

Bilateral trade between both regions reached 208 billion Euros in 2016, with the EU being the largest source of foreign direct investment into ASEAN in 2015. Signing an FTA with ASEAN would enable the EU to gain access to the seventh-largest market in the world with strong consumer and middle class expansion. It would also be complementary to the existing bilateral FTAs that the EU has with a few ASEAN countries.

EU – India BTIA negotiations resumed

India has initiated resuming and accelerating negotiations on the proposed EU – India Broad-based Trade and Investment Agreement (BTIA). However, for successful conclusion, both sides will still have to iron out many existing differences in critical issues such as intellectual property rights and duty and tax reductions for certain sectors such as automobiles and alcohol products

EU – Japan FTA expected to conclude by end 2017 The European Commission expects to continue ongoing negotiations and conclude FTA discussions with Japan by the end of 2017. Both parties have also confirmed their commitment towards concluding a Strategic Partnership Agreement in parallel to ensure that the EU – Japan relationship is consolidated and fit for current challenges.

EU – New Zealand complete joint scoping discussions New Zealand and the EU have completed joint scoping discussions towards the EU – NZ FTA after two years of discussions. The scoping discussions involved the examining of broader bilateral and economic relationships and areas that could be covered as part of the trade deal. The FTA process now enters the negotiation phase, where both countries will seek respective mandates to commence with talks.  Negotiations are expected to commence as soon as possible this year.

EU – Singapore FTA (EUSFTA) commitments reaffirmed The EU has reaffirmed commitments to a bilateral FTA with Singapore. Although ratification of the EUSFTA has been put on hold, it is expected to be completed later this year. The EU and Singapore are also discussing ways to facilitate the approval process. The EUSFTA, the first deal between the EU and a South-East Asian country, is expected to provide greater access to markets and improve trade conditions for goods through the removal of duties as well as technical and regulatory barriers to trade. This will be applicable to a range of goods such as chemicals and food products, electronics, pharmaceuticals and renewables.

Read the full statement HERE