Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-04-23-Speech-3-361"
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"en.20080423.24.3-361"2
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"Madam President, the conclusion of a free trade agreement between the European Community and the Gulf Cooperation Council has been the subject of negotiations since 1988 and it would seem that they will soon be concluded for once and for all.
I welcome the recent progress because the conclusion of a free trade agreement is essential in order to increase and regulate the trade between the European Union and the Gulf states. It should thus launch a new, more dynamic era of cooperation in numerous strategic fields between two regions that are vitally important for one another, but whose relations have been lacking in substance.
The free trade agreement must help to dismantle non-tariff barriers and eliminate all public subsidies and compensation, notably for access to raw materials, in accordance with current WTO rules. The opportunities and challenges posed by the growing importance of sovereign funds should be the subject of in-depth examination, dialogue and constructive cooperation between the European Parliament and the Gulf states.
The objective here is to maintain an environment that is open to investment while making the latter more transparent. The managers of these funds must therefore be able to provide the market with additional information on the origin of their resources, their investment goals and their strategies. However, Europe must also ensure that it can attract these funds, which generate growth, innovation and jobs, in the face of the strong international competition to attract productive capital.
The conclusion of the free trade agreement will encourage the Gulf states to be more receptive to the views of their European partners and will thus enable us to diversify and accelerate our trade and exchanges."@en1
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