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Wednesday, 21 March 2012

EU's approach on trade, growth and development for the coming decade

In the course of the last Foreign Affairs Council meeting, which was held last week, ministers adopted conclusions on the EU's approach to trade, growth and development for the next decade. The Foreign Affairs Council stressed that openness to international trade is key to sustaining inclusive growth and poverty reduction in developing countries, just as keeping its markets open is key to Europe’s economic growth and welfare.
Likewise, ministers considered that the growing economic diversity of developing countries calls for greater differentiation in the design and implementation of EU trade, investment and development policies
in order to sharpen the focus on least developed countries and other developing countries most in need.
The Council underscored the importance of the multilateral approach in fighting protectionism and resolving outstanding issues on the international trade agenda. Notably, the Council called on the Commission to report on the follow-up in 2015.

Source: Council of the EU