European Union member states formally adopted April 23 negotiating mandates for a new generation of free trade agreements with India, South Korea and the Association of Southeast Asian Nations. According to an EU press release, new independent research released by the European Commission suggests that these FTAs could add more than €40 billion to EU exports annually. The commission, which will negotiate on behalf of EU member states, expects to launch negotiations in the months to come. “Combined with a successful conclusion to the Doha Round, these agreements will open new markets to EU businesses and give a valuable boost to global trade,” said EU Trade Commissioner Peter Mandelson.
The EU noted that the key economic criteria in choosing these FTA partners were market potential (economic size and growth) and the level of protection against EU export interests (tariffs and non-tariff barriers). The EU also considered potential partners’ trade negotiations with EU competitors and the likely impact of this on EU markets and economies.
