At an ECOFIN meeting on trade held on 31st May 2012, Malta approved the signature and provisional application of a free trade agreement with Colombia and Peru. During the meeting the European Commission informed member states of the latest developments in exploring the possibilities for opening negotiations for a free trade agreement between the EU and Japan. Malta has long encouraged better trade and investment relations with Japan and remains supportive of a free trade agreement based on reciprocity.
Apart from relations with Japan, the European Commission is also working on enhancing the EU’s economic relationship with the United States. By end 2012, the Commission was due to provide results of a High Level working group on jobs and growth between the EU and US established in 2011. A comprehensive economic and trade agreement between the EU and Canada, also backed by Malta, is nearing completion.
The Permanent Secretary in the Ministry of Finance, the Economy and Investment, Mr. Alfred Camilleri led Malta’s delegation. During the meeting, member states including Malta endorsed the launch of free trade negotiations with Vietnam. In addition, the Danish Presidency of the Council of the EU informed those present that a political agreement had been reached with the European Parliament’s International Trade Committee (INTA) on the EU’s revised General System of Preferences and the so-called ‘Grandfathering Regulation’ on Bilateral Investment Treaties with third countries.
