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Thursday, 19 September 2013

EP Trade committee aims to strengthen EU’s trade-regulation powers

The European Parliament’s Trade Committee, urged on by a report from Member of European Parliament (MEP) Niccolò Rinaldi, requested that the European Commission take steps to strengthen the European Union’s (UE) trade-regulation powers.
The Trade Committee’s proposal would grant several retaliatory measures to the EU, which the European Parliament (EP) would have to authorize before use. Rinaldi’s report claimed that such measures would strengthen the EU’s trade rights and interests.
In its current form, the EU cannot react quickly to contractual violations under World Trade Organization (WTO) and bilateral trade agreements, due to a case-by-case method that slows down all litigation decisions.
Rinaldi was quoted as saying, “Today big trading powers such as the United States only need a few weeks to adopt their retaliation measures, whereas in Europe we need more than a year and a half. Having this instrument at our disposal does not always mean using it, but to show our trading partners that the EU can retaliate quickly.”

Source: ALDE

 

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