(MENAFN- Kuwait News Agency (KUNA)) BRUSSELS, June 26 (KUNA) -- The European Commission Tuesday released its annual report on Trade and Investment Barriers which shows that 67 new barriers were recorded in 2017, taking the total tally of existing obstacles to 396 between 57 different trading partners of the EU around the world.
Presenting the report at a press conference, EU Trade Commissioner Cecilia Malmstrom said "protectionism is self-defeating and destructive. It is clearly on the rise. These barriers could cost EU businesses more than 23 billion euro ( USD 26 billion) in lost exports." The report says that China displayed the largest increase in new barriers in 2017, followed by Russia, South Africa, India and Turkey. The Mediterranean region also showed a notable rise in barriers for EU companies with Egypt, Algeria and Israel accounting for the highest number of barriers.
"As the world's largest and most accessible market, the EU is determined to ensure that foreign markets remain equally open to our firms and products. Given the recent rise in protectionism in many parts of the world, our daily work to remove trade barriers has become even more important," she said.
"The international rulebook must be enlarged to find ways to tear down new barriers and distortions that have come up in the last two decades, and which threaten the very integrity of the global trading system. Opening up markets is an economic and political necessity," stressed Malmstrom.
However, the report also shows that the EU has eliminated the highest number ever of trade barriers faced by EU companies doing business abroad.
"Last year, we eliminated 45 trade barriers that EU exporters faced on foreign markets - that's a record. Under this Commission, we have now resolved 88 barriers in total," she said.
The trade barriers removed include several sectors, like aircraft, automotive, ceramics, ICT & electronics, machinery, pharma, medical devices, textiles, leather, agri-food, steel, paper, and services.
Thanks to those barriers removed between 2014 and 2016 alone, in 2017 EU companies exported an additional 4.8 billion euro (USD 5.6 billion), she noted.
Among the barriers eliminated are certain restrictions on poultry exports from some EU Member States to Saudi Arabia and the United Arab Emirates and removal of animal and plant health and hygiene barriers related to bovine exports from some EU Member States to Saudi Arabia. (end) nk.mt
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