| The Euro-Mediterranean Partnership New momentum gained after the Paris meeting July 13th, 2008
Having acknowledged the widening disparities in the development between each side of the Mediterranean, the EU has renewed its focus on strengthening the partnership in the Mediterranean as outlined with the Barcelona Process in 1995. The new initiative: “Barcelona Process: Union for the Mediterranean” was launched in Paris on July 13th, 2008 aiming to be a multilateral partnership focused on regional and trans-national projects with the goal to increase the potential for regional integration, peace and cohesion. It will encompass all EU Member States and the European Commission, together with the other members and observers of the Barcelona Process (Mauritania, Morocco, Algeria, Tunisia, Libya, Egypt, Jordan, Palestinian Authority, Israel, Lebanon, Syria, Turkey and Albania), and the other Mediterranean coastal states (Croatia, Bosnia and Herzegovina, Montenegro and Monaco). [Euro-Mediterranean Partnership Map]. A five year plan was announced. Press release. |
Transatlantic Economy and advancement of tyhe cooperation between the EU and US Trade and capital flows between the US and EU are very significant for both countries but also for third parties as well. Total external trade of EU and US amounts for 45% of global trade. EU investment to US represented 42 percent of total global investment flows to the country while at the same time over half of all private direct investment outflows from the United States were directed to the EU. Transatlantic acquisitions, involving EU and US companies amounted to US$ 330 billion in 2007, a year with the second highest level of M&A value recorded. Based on 2005 data, US companies employed 3.7 million workers in the EU while EU companies 3.1 million in US. Over the last years the EU and US are involved in an ongoing dialogue in order to advance their cooperation in this area and solve issues of disagreement. The transatlantic economic council that has been formed for this purpose has the following main issues to resolve (known as Lighthouse Priority Projects): - Intellectual Property Rights
- Secure Trade
- Financial Markets
- Innovation and Technology
- Investment
The most recent joint announcement reconfirmed the commitment in advancing the dialogue. This is a very exciting area for the businesses as it affects a lot of aspects of economic activity (such as the open air act, biotechnology, use of international accounting standards in the US). Therefore there’s signification anticipation for future developments in this area. Latest announcement and statistics. Relevant links: Transatlantic Economic Council. |