EU to Ease Rules of Origin Procedures in Nearby PEM Region
The European Union will modernize trade agreements in the Pan-European-Mediterranean region to make rules of origin more flexible and “business friendly,” the European Commission said Aug. 24. The origin rules for certain products will be “easier to meet,” the EU said in a guidance, adding that the deal will now include higher thresholds for the use of non-originating goods and will lift prohibitions on duty-drawbacks. The changes will also ease logistics and customs procedures by allowing for electronic versions of “origin proofs.” The new measures will apply to trade deals with Iceland, Liechtenstein, Norway, Switzerland, Faroe Islands, Turkey, Egypt, Israel, Jordan, Lebanon, Palestinian territories, Georgia, the Republic of Moldova, Ukraine, Albania, Bosnia and Herzegovina, North Macedonia, Montenegro, Serbia and Kosovo.
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The commission said the measures will help boost trade as countries recover from the COVID-19 pandemic. “We need to do everything we can to facilitate trade and economic activity,” said Paolo Gentiloni, EC commissioner for economy. “This will also help countries like Lebanon recover and rebuild, while at the same time supporting European businesses in accessing new markets.” The EU said it expects the new rules to take effect for some countries in the first half of 2021.