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The European Commission has approved a package of proposals aimed at increasing trade between the EU and neighboring countries from the pan-European-Mediterranean region, which includes Moldova.

The European Commission has approved a package of proposals aimed at increasing trade between the EU and neighboring countries from the pan-European-Mediterranean region, which includes Moldova.

By doing so, the European Union will contribute to the recovery of their economy following the coronavirus outbreak. The proposals approved by the European Commission modernize the EU's preferential trade agreements with 20 trading partners in the pan-European Mediterranean region, making the corresponding “rules of origin” in these agreements more flexible and business-friendly. The proposals approved by the European Commission amend the EU bilateral agreements with the following countries: Iceland, Liechtenstein, Norway, Switzerland, Faroe Islands, Turkey, Egypt, Israel, Jordan, Lebanon, Palestine, Georgia, Moldova, Ukraine, Albania, Bosnia and Herzegovina, North Macedonia, Montenegro, Serbia and Kosovo. “We need to do everything we can to facilitate trade and economic activity between the EU and our neighbours in the Euro-Mediterranean area, and to promote regional integration. This will also help countries like Lebanon recover and rebuild, while at the same time supporting European businesses in accessing new markets,” said European Commissioner for Economy Paolo Gentiloni. The package approved by the European Commission includes 21 proposals to the EU Council, which will provide convenient rules of origin in EU trade agreements with most neighboring countries. “Rules of origin” are necessary under any trade agreement because they determine which goods can benefit from preferential treatment. The ‘origin' is the ‘economic nationality' of the goods traded. Origin procedures ensure that customs authorities can verify the origin of a good and allow businesses to prove the origin of their goods. When all the necessary requirements are met, goods with preferential origin are eligible to be imported with lower duty rates, or even a zero rate, depending on the preferential tariff treatment. // 25.08.2020 - InfoMarket.

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