WIREDGOV

The EU shall soon possess the mechanism to take measures against third countries that violate obligations stemming from international multi- and bilateral trade agreements of which the EU is a signatory. This is the outcome of the trilogue between the European Council, the European Parliament and the Commission for the adoption of the Trade Enforcement Regulation, brought to a successful completion by the Greek Presidency on 29 January 2014. This agreement was adopted yesterday (5.2.2014) by the Permanent Representatives Committee of the Council of the EU.

This legislative initiative, to be implemented following its anticipated adoption by the European Parliament plenary, is of great importance, as without it, the European Union cannot enforce decisions taken in its favour by international arbitration bodies. In fact, it would be rather unfortunate should the EU not be able to take measures to force violators to comply with such decisions.The new Trade Enforcement Regulation enables the EU to take the appropriate countermeasures against attitudes and practices of third countries that violate international agreements to the detriment of the interests of Member States. This Regulations shall, consequently, enhance the credibility of the EU as a trade partner.

Agreement in the trilogue was reached thanks to the extraordinary effort of the Greek Presidency in finding common ground that would satisfy the varying and, at times, divergent views and positions of the European Parliament, the Commission and the  Member States. Commenting on this breakthrough, the President of the Foreign Affairs Council (Trade) Deputy Minister for Development and Competitiveness, Notis Mitarachi, made the following statement:

“Following today’s achievement -a product of constructive and methodical preparation and mediation by the Greek Presidency - an important legislative proposal is solidly on its way to adoption; a proposal that ranked among the priorities set out from the very first moment we assumed the Presidency of the EU Council. The European Union made a decisive step to acquiring an important tool that will make it an even more credible player on a global scale”.