EU ambassadors agreed here Wednesday to sign the “Convention on pan-Euro-Mediterranean rules of origin” for the countries of the Southern Mediterranean and the Western Balkans.
According to a statement by the Hungarian EU Presidency, this accord will help their economies to grow faster, thus contributing to the stability of the whole region and easing migration pressure.
At the moment the EU has preferential trade agreement with several countries from the Southern Mediterranean and the Western Balkans.
In order for a product to benefit from preferential duty rates, it must originate from one of these countries.
The European Commission had proposed in 2007 this new comprehensive convention to be concluded between the EU and 22 third countries and negotiations lasted for two and a half years.
Algeria, Egypt, Israel, Jordan, Lebanon, Morocco, Syria, Tunisia, Turkey, and Palestine are included as the parties from the Southern Mediterranean region.